Oil prices rise over 2% as US-Iran talks extend

Oil prices rose about 2% on Friday as traders priced in potential supply disruptions tied to stalled nuclear talks between the United States and Iran. Brent crude futures settled at $72.48 a barrel, up $1.73, or 2.45%, while U.S. West Texas Intermediate crude finished at $67.02 a barrel, up $1.81, or 2.78%. The two sides agreed to extend indirect negotiations into next week, though analysts remained skeptical that a final deal was within reach. Market watchers said the path to an agreement appeared narrow, with traders focusing on the long game and the risk that talks could still derail on major concessions.

Oil markets were already trading near multi-month highs, with Brent and WTI trading at their highest levels since mid-summer as concerns about supply disruptions and geopolitical tension support prices. Reports that discussions had stalled over U.S. insistence on zero uranium enrichment by Iran helped push prices higher amid renewed fears of escalating conflict. The rise in prices came even as an Omani mediator signaled progress, briefly easing some of the tensions.

Looking ahead, officials said negotiations would resume with technical-level talks scheduled next week in Vienna. The latest round offered some cautious hope of a peaceful resolution, but analysts stressed that military options remained a possibility and that risks to supply could persist until a durable agreement is reached.

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