- Oil prices rose after three days of losses amid US-Iran negotiation reassessment
- Brent crude rose 1.9% to $104.52 and WTI gained 1.5% to $97.81 per barrel
- Iran’s leader wants to keep enriched uranium domestically, prolonging talks
Oil prices rose on Friday after three straight sessions of losses as investors reassessed expectations around negotiations between the United States and Iran.
Brent crude futures for July rose 1.9% to $104.52 a barrel in early Asian trade, while U.S. West Texas Intermediate futures for June gained 1.5% to $97.81 a barrel.
The rebound came after reports that Iran's leadership wants to retain enriched uranium inside the country, raising concerns that negotiations with Washington could take longer and keep pressure on global oil supplies. Investors had earlier turned optimistic after U.S. President Donald Trump said Washington was in the "final stages" of talks with Iran, according to a pool report.
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However, Reuters reported, citing Iranian sources, that Iran's Supreme Leader Ayatollah Mojtaba Khamenei had directed that near-weapons-grade uranium should not be sent abroad.
The mixed signals from both sides kept attention on the risk of a prolonged conflict and further disruption to energy flows through the Strait of Hormuz.
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Supply Risks Linger
Concerns over supply disruptions have continued even as oil prices remain volatile this week. Brent crude was still down more than 4% for the week despite Friday's gains, while West Texas Intermediate traded near $98 a barrel.
Iran said the latest U.S. proposal had partly narrowed differences between the two sides, but uncertainty over Tehran's uranium stockpile and disputes linked to the Strait of Hormuz reduced hopes for a near-term breakthrough.
The International Energy Agency warned that oil markets could soon enter a "red zone" as summer travel demand increases and global stockpiles decline.
The Iran war, which began in late February, has disrupted traffic through the Strait of Hormuz, a key shipping route that handled about one-fifth of global oil and liquefied natural gas flows before the conflict.
(With inputs from Bloomberg.)
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