Muscat: Brent crude futures edged up by 23 cents, or 0.3 percent, to settle at $69.03 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude gained 23 cents, or 0.4 percent, reaching $64.19 per barrel.
Market activity reflected cautious optimism, with traders refraining from making significant moves amid uncertainty surrounding the outcome of diplomatic discussions between Washington and Tehran.
A spokesperson for Iran’s Foreign Ministry stated that the recent round of nuclear talks allowed Tehran to gauge the seriousness of the United States’ position. The discussions, according to the spokesperson, revealed sufficient common ground to justify continuing along the diplomatic path.
In addition to geopolitical developments, traders are closely monitoring weekly U.S. oil inventory data from the Energy Information Administration (EIA), scheduled for release later today.
Oil prices remained stable as Brent crude and WTI saw slight gains amid ongoing US-Iran nuclear talks. Traders exhibited cautious optimism, awaiting the outcome of diplomatic discussions. Iran's Foreign Ministry noted progress, indicating potential for continued dialogue. Meanwhile, market participants are also eyeing upcoming U.S. oil inventory data for further direction.