Oil Tops $105 Amidst U.S.-Iran Peace Talks Optimism
Oil prices increased on Friday despite optimism over US-Iran talks, suggesting tensions in the region could ease, while markets continued to price in the risk of renewed escalation in the conflict.
International benchmark Brent crude traded at $105.29 per barrel, up around 0.3% from the previous close of $104.93. US benchmark West Texas Intermediate (WTI) increased about 0.9% to $98.26 per barrel, compared with $98.08 in the previous session.
US Department of State announced that negotiations with Iran are ongoing and progressing positively as Washington continues to pursue a diplomatic solution.
Secretary of State Marco Rubio said the negotiations had yielded “positive outcomes” but emphasised that Tehran must comply with certain conditions to ensure the process moves forward.
US President Donald Trump had previously pursued a more aggressive approach toward Iran, but Rubio underlined that the current administration still prioritises diplomacy.
Meanwhile, Trump said he held talks with Iranian officials regarding the safe passage of commercial vessels through the Strait of Hormuz and added that, if security conditions improve, restrictions affecting transit in the strategic waterway could be eased.
Trump stated that Iran’s military capabilities had been significantly weakened, stressing that Tehran had suffered serious setbacks during the negotiations but would not be granted any opportunity to rebuild its military power.The
US Department of State also warned that Iran’s attempts to regain economic leverage through energy exports and “shadow trade” activities would not be tolerated, adding that any steps undermining diplomatic efforts could lead to new sanctions. Rand Slides Against U.S Dollar, Euro as Gold Rally Retreats
