- Oil prices fell as US-Iran nuclear talks eased fears of supply disruptions
- WTI crude stayed above $62, Brent settled above $67 after Iran deal signs
- Iranian officials reported a "general agreement" on a nuclear deal framework
Oil prices edged lower as signs of progress in nuclear negotiations between the United States and Iran reduced fears of immediate supply disruptions, easing the geopolitical risk premium that has supported crude this year.
West Texas Intermediate (WTI) crude hovered above $62 a barrel after slipping 0.9%, while global benchmark Brent settled above $67. The decline followed remarks from Iranian officials indicating a “general agreement” had been reached on the framework of a potential nuclear deal. US officials also signalled continued engagement, with Iranian negotiators expected to return to Geneva with a revised proposal in the coming weeks.
ALSO READ: Ctrl+F2 For Inclusion: India AI Summit's Website Walks The Talk On Accessibility
Diplomacy Offers Relief
Oil has climbed in recent months as geopolitical flashpoints, particularly tensions involving Iran, offset concerns about a looming global supply surplus. Any escalation in the region could disrupt Iranian production or threaten critical shipping routes such as the Strait of Hormuz, a vital artery for global crude flows.
US Vice President JD Vance described recent talks as constructive, though key disagreements remain unresolved. President Donald Trump has previously warned of potential military action if negotiations fail, underscoring the fragile nature of the diplomatic progress.
Military Activity Keeps Supply Risks In Focus
Despite diplomatic momentum, military developments continue to underscore the risks. Iran temporarily halted traffic in parts of the Strait of Hormuz for naval exercises, while the United States deployed a second aircraft carrier to the region. The strategic waterway handles roughly one-third of global seaborne oil shipments, making any disruption a major concern for markets.
Investors are also monitoring US-brokered talks between Russia and Ukraine. Any easing of sanctions on Moscow could increase oil exports, further adding to global supply and weighing on prices.
ALSO READ: When Quantum Physics Hit A Dead End, GPT-5.2 Found a Hidden Door
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
