TLDR
- Brent crude rose to $72.54 a barrel and West Texas Intermediate climbed to $66.89 after US-Iran nuclear talks in Geneva ended without a deal
- Iran’s foreign minister called the talks one of the “most serious and longest rounds of negotiations” and said both sides made “good progress”
- The next round of talks is expected within a week, likely in Vienna
- Oil stocks Exxon, Chevron, and ConocoPhillips all rose in premarket trading
- An OPEC+ supply meeting is scheduled for Sunday, with concerns about a potential oil glut weighing on the market
Oil prices jumped on Friday after the latest round of nuclear talks between the United States and Iran ended without a deal. The two countries held discussions in Geneva on Thursday, and while no agreement was reached, both sides said talks would continue.
Brent crude futures rose to $72.54 a barrel, up 2.4% on the day. West Texas Intermediate climbed 2.6% to $66.89 a barrel.
Iran’s Foreign Minister Abbas Araghchi described the Geneva session as one of the “most serious and longest rounds of negotiations” held between the two sides. He said “good progress” was made during the talks.
“On some issues, understandings have come very close,” Araghchi said. He added that differences remain but that both sides are “more serious about reaching a negotiated solution” than in previous rounds.
Araghchi confirmed a follow-up round of talks would take place in the “near future – probably in less than a week.” Oman, which has been mediating the discussions, said “significant progress” had been made, with technical talks set for Vienna.
Oil prices have swung sharply in the past 24 hours. Traders are balancing the possibility of a diplomatic deal against the risk of US military action, either of which would affect global oil supply.
Energy Stocks Move Higher
Energy stocks gained on the back of rising oil prices. Exxon rose 1.1% in premarket trading and Chevron was up 0.8%. ConocoPhillips added 0.6%.
The moves reflect investor sensitivity to any developments in the Middle East that could disrupt oil production or shipping routes.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, noted that mixed signals from both sides kept traders cautious despite the hint of progress. He said attention is now turning to Sunday’s OPEC+ supply meeting.
OPEC+ Meeting in Focus
Concerns about an emerging oil glut are hanging over the market ahead of the OPEC+ gathering. The group is expected to discuss output levels, and any decision to increase supply could weigh on prices.
That tension between geopolitical risk and potential oversupply is keeping oil markets volatile. Prices remain sensitive to any new developments from either the Iran talks or the OPEC+ meeting.
As of Friday morning, Brent crude was trading at $71.36 a barrel and West Texas Intermediate was at $65.82, reflecting a slight pullback from earlier highs but still well above Thursday’s close.
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