Oil Prices Steady Near Seven-Month High as U.S.–Iran Talks Take Center Stage
Oil prices were mostly unchanged on Tuesday, trading close to a seven-month peak as markets awaited updates from renewed nuclear negotiations between the United States and Iran. Brent crude futures dipped slightly by 25 cents, or 0.4 %, settling around $71.24 per barrel, while U.S. West Texas Intermediate crude also slipped by about 0.4 % to roughly $66.06.
Earlier in the session, both Brent and WTI looked set for their highest closing levels since late July and early August, reflecting continued geopolitical attention. Traders are closely watching a planned third round of nuclear talks in Geneva later this week.
The United States has reiterated its demand that Iran halt its nuclear program, which Tehran denies seeking to weaponize. Meanwhile, analysts at Swiss bank UBS said they expect a modest pullback in oil prices in the coming weeks if tensions in the Middle East do not escalate further.
A geopolitical risk premium — currently adding an estimated $3–$4 per barrel to U.S. crude — reflects concerns over potential disruptions tied to ongoing U.S.–Iran tensions, according to market observers.
In addition to geopolitical developments, energy markets are waiting on weekly U.S. inventory reports from both the American Petroleum Institute and the U.S. Energy Information Administration to gauge supply dynamics. Analysts expect crude stockpiles to have increased by about 1.3 million barrels in the latest reporting week.
