Oil Rises Over 2% as US-Iran Talks Extend, Markets Brace for Disruption

Oil prices rose about 2% on Friday as traders braced for potential supply disruptions amid indirect talks between the United States and Iran, which were extended into next week. Brent crude settled at $72.48 a barrel, up $1.73, or 2.45%, while U.S. West Texas Intermediate crude finished at $67.02, up $1.81, or 2.78%. The two benchmarks were on track for weekly gains, reflecting ongoing nerves about supply disruptions and geopolitical risk.

The talks over the Iranian nuclear program were extended into next week, though there was no clear breakthrough. Analysts cautioned that a deal between the Trump administration and Iran remained uncertain. "The likelihood Iran is going to agree to what the Trump administration wants doesn't seem possible," said Phil Flynn, senior analyst at Price Futures Group. Traders said the market is watching for an endgame and was influenced by talk of possible military action.

Live-market sentiment also tracked reports that discussions stalled over U.S. insistence on zero enrichment of uranium by Iran, and that a potential resolution could hinge on concessions in that area. The United States and Iran held indirect talks in Geneva before the pause and agreed to resume with technical-level discussions scheduled next week in Vienna. An observer noted, "There is some progress, but the path ahead remains uncertain," as the Oman-mediated talks continued.

Omani mediation continues to play a role as prices stay elevated on geopolitical risk in the region and the potential for further sanctions or supply disruptions. The market remains volatile, with traders weighing whether a peaceful resolution is possible and what terms could eventually emerge. In the meantime, Brent and WTI remain near levels not seen in months, underscoring how geopolitics remains a dominant force in crude pricing.

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