Oil Prices Surge over U.S.-Iran Unclosed Nuclear Deal
Brent crude rose above $71 per barrel as crude oil prices jumped in the global commodity market on Friday. Oil climbed as the absence of a concrete outcome from nuclear negotiations between the US and Iran sustained concerns over global supply.
International benchmark Brent crude traded at $71.19 per barrel at 9.40 a.m. local time (0640 GMT), up 0.2% from the previous close of $71.01.
US benchmark West Texas Intermediate (WTI) increased 0.2% to $65.62 per barrel, compared with $65.46 in the previous session.
Iranian Foreign Minister Abbas Araghchi said progress had been made in talks with the US and that the sides were close to reaching an agreement on certain issues, while differences remained on others.
Araghchi told state TV that the talks “made very good progress and entered into the elements of an agreement very seriously, both in the nuclear field and in the sanctions field.”
He said the next round would take place in “perhaps less than a week” with technical talks at the UN’s nuclear agency to begin in Vienna on Monday.
US Vice President JD Vance said both military and diplomatic options regarding Iran remain on the table, but stressed there is “no chance” that possible strikes would drag the US into a prolonged and open-ended war in the Middle East.
Meanwhile, expectations that the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and several non-OPEC producers, could resume output increases at its meeting on Sunday are limiting price gains.
The group, which suspended production hikes in the first quarter, is expected to assess a daily output increase of 137,000 barrels for April at its March 1 meeting.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman had reiterated at their latest meeting on Feb. 1 the decision to pause the planned production increases for March due to seasonal factors. NGX Flags Unusual Share Price Swings, Urges Caution
