Oil prices rose ahead of U.S.-Iran nuclear talks
Istanbul, February 26 (Hibya) – A three-day decline in oil prices halted as investors focused on the third round of U.S.-Iran nuclear negotiations set to take place later in the day. Benchmark Brent crude rose to $71.1 per barrel, while West Texas Intermediate (WTI) climbed to $65.64.
Markets turned their attention to the Geneva meeting amid heightened caution due to the military buildup in the Middle East and Washington’s increased pressure on Iran through sanctions on entities involved in oil and arms exports.
The talks came after U.S. President Donald Trump warned that the United States could carry out limited strikes if a nuclear deal is not reached.
However, gains were limited by a sharp rise in U.S. crude inventories after Energy Information Administration (EIA) data showed a 16-million-barrel increase last week, the largest weekly rise since February 2023.
According to Vortexa data, Saudi Arabia’s crude exports reaching their highest level in nearly three years and Iran accelerating tanker loadings further strengthened concerns over excess supply.
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