Oil Prices Rise After US–Iran Talks Show Early Progress

Oil prices advanced on Friday after reports that initial talks between U.S. and Iranian officials began on a positive note, easing some geopolitical concerns in energy markets.

April futures for Brent crude rose 1% to $68.15 per barrel, while West Texas Intermediate (WTI) gained 0.9% to $63.85 per barrel.

Latest Oil Prices: 

WTI Crude • 63.55 +0.26 +0.41%

Brent Crude • 68.08 +0.53 +0.78%

Murban Crude • 68.52 +0.14 +0.20%

Louisiana Light • 65.94 +2.99 +4.75%

Bonny Light • 78.62 -2.30 -2.84%

Opec Basket • 66.65 +1.71 +2.63%

Mars US • 69.79 -0.88 -1.25%

Gasoline • 24 mins 1.953 +0.027 +1.38%

Natural Gas • 3.422 -0.087 -2.48%

Despite Friday’s rebound, both benchmarks were still on track for weekly declines of 3.4% and 2%, respectively, their first weekly losses since mid-December 2025, as investors trimmed the geopolitical risk premium and locked in profits following recent gains.

U.S. and Iranian officials met Friday morning in Oman amid heightened military tensions in the Middle East, following Washington’s deployment of at least two naval fleets to the region.

Iranian Foreign Minister Seyed Abbas Araghchi told local media that the discussions had begun in a “positive and good” manner, adding that further rounds of talks would follow.

Markets are hopeful that diplomatic engagement between Tehran and Washington could help de-escalate tensions and prevent a broader regional conflict, a development that has contributed to a moderation in crude’s risk premium this week.

However, differences remain over the scope of negotiations. Iran rejected U.S. calls to include discussions on its missile arsenal, insisting that talks would focus solely on Tehran’s nuclear program.

Araghchi confirmed in remarks to Iran’s state news agency that the discussions were “exclusively” centered on the nuclear file.

Iran is a major oil producer and sits along the Strait of Hormuz, one of the world’s most critical chokepoints for global crude shipments. Any escalation in the region typically injects volatility into energy markets, given the waterway’s role in transporting a significant share of global oil supply.