Oil prices moved slightly higher in a volatile session on Friday, as investors assessed the direction of nuclear negotiations between the United States and Iran. Price movements appeared sensitive to every headline, reflecting a market that remains "vulnerable to change direction" amid geopolitical tensions.
In New York, West Texas Intermediate (WTI) traded above $63 per barrel. The market briefly rallied after Iranian Foreign Minister Abbas Araghchi called the negotiations a "good start." However, the euphoria was short-lived, as a Wall Street Journal report indicated that Tehran still refused to end nuclear fuel enrichment an issue that has long been a key sticking point for the US.
Tensions in the Middle East a region that supplies about a third of the world's crude oil continue to carry a risk premium for oil prices. Traders continue to weigh the risk of escalation against fundamentals, which are also beginning to be overshadowed by the narrative of a potential oversupply.
Despite the slight increase today, the New York oil contract remains on track for its first weekly decline since mid-December. The reason: the US-Iran talks process is considered to have helped ease market fears of a broader conflict in the region.
Prices also received an additional boost after data showed US consumer sentiment unexpectedly improved to its highest level in six months. This data eased some market concerns about a US economic slowdown that could drag on energy demand.
From another geopolitical perspective, the market is also monitoring developments in trilateral negotiations involving the US, Ukraine, and Russia. The two countries reportedly agreed to a prisoner exchange for the first time in five months, while Trump's special envoy said further results are expected "in the coming weeks."
Meanwhile, Saudi Arabia cut prices to Asian buyers by a smaller amount than expected, which was read as a signal of confidence in demand. However, Saudi Arabia's selling price level still fell to its lowest level since late 2020. At 11:00 a.m. New York time, WTI for March delivery rose 1.0% to $63.95 per barrel. Meanwhile, Brent for April delivery rose 1.1% to $68.29 per barrel. (alg) [sma]
Source : Newsmaker.id
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