Oil Prices Ease as US-Iran Nuclear Talks Advance
Oil prices eased in the global commodity market as optimism about potential US-Iran nuclear talks eased market concerns, though rising tensions in the Middle East following a US evacuation order capped further declines.
International benchmark Brent crude decreased by around 1.3%, trading at $68.52 per barrel, down from $69.40 at the previous session’s close. Similarly, the US benchmark West Texas Intermediate (WTI) declined by about 1.3%, settling at $66.27 per barrel, compared to $67.12 in the prior session.
US President Donald Trump said Wednesday that American personnel are being evacuated from locations in the Middle East amid escalating tensions with Iran because “it could be a dangerous place.”
Speaking to reporters before attending the opening night of the award-winning musical Les Miserables at the Kennedy Center, Trump acknowledged the withdrawal while maintaining his firm stance on Iran’s nuclear ambitions.
“Well, they are being moved out because it could be a dangerous place. We’ll see what happens. “We’ve given notice to move out,” he said when asked about reports of personnel relocations. The Axios news website separately cited anonymous Israeli officials as saying that the Israeli military “has been on extremely high alert in recent days for possible escalation with Iran.”
Earlier on Wednesday, Iranian Defense Minister Aziz Nasirzadeh threatened to target US bases in the region if conflict breaks out between the two countries over Tehran’s nuclear program. Tensions between Tehran and Washington remain high, despite ongoing indirect nuclear negotiations mediated by Oman. The main sticking point remains Iran’s uranium enrichment program.
Although the statements sparked concerns about potential supply disruptions amid rising tensions in the Middle East, optimism grew over possible direct negotiations between Washington and Tehran, easing market concerns and pushing prices lower.
A sixth round of nuclear talks is scheduled to take place on Sunday in Muscat. Trump, who has previously advocated for a military response if diplomacy fails, said Wednesday he was less confident that Iran would agree to stop uranium enrichment.
Meanwhile, data showing a rise in US crude oil production eased supply concerns and added to the downward pressure on prices. The US Energy Information Administration (EIA) reported that daily crude oil output in the world’s top oil-consuming country rose by 20,000 barrels to 13.42 million barrels. Dangote Cement Opens N100bn Commercial Papers for Subscription
