Oil Climbs $1 as Markets Await Outcome of US–Iran Nuclear Talks

Oil prices rose more than $1 on Thursday as investors closely monitored developments from the third round of negotiations between the United States and Iran over Tehran’s nuclear program.

Brent crude futures climbed $1.17, or 1.65% to $72.02 per barrel. U.S. West Texas Intermediate (WTI) crude gained 87 cents, or 1.33%, to trade at $66.29 per barrel. Both benchmarks had earlier fallen by more than $1 during the session before reversing course.

WTI Crude • 65.27 +0.06 +0.09%

Brent Crude • 70.75 -0.10 -0.14%

Murban Crude • 71.04 +0.36 +0.51%

Louisiana Light • 69.09 +0.48 +0.70%

Bonny Light • 78.62 -2.30 -2.84%

Opec Basket • 69.29 -0.40 -0.57%

Mars US • 69.53 -0.85 -1.21%

Gasoline • 2.040 +0.008 +0.38%

Natural Gas • 2.822 -0.005 -0.18%

Iran and the United States are holding indirect talks in Geneva aimed at resolving their long-running nuclear dispute and averting further escalation. The diplomatic push comes after U.S. President Donald Trump ordered significant military reinforcements to the region, heightening geopolitical tensions.

Market participants said price swings throughout the session reflected shifting expectations around the talks. Iranian Foreign Minister Abbas Araghchi and U.S. envoys Steve Witkoff and Jared Kushner temporarily paused discussions, with negotiations expected to resume later in the day.

John Kilduff, partner at Again Capital, said media reports suggested the negotiations were not progressing smoothly.

“Indications from Geneva are that things are not going well, and we may be approaching a deadlock in escalating tensions between Iran and the United States. That’s what the market is reacting to, and that’s why prices are rising,” he said.

Phil Flynn, an analyst at Price Futures Group, warned that a potential agreement could weigh heavily on crude prices.

“If a deal is reached with Iran, especially one that includes sanctions relief, it would likely have a significant negative impact on prices, as it could open the door to substantial additional oil supply entering the market,” Flynn said.