Oil prices fell after US and Iran extended nuclear talks
Brent crude down 0.4% to $70.47, WTI down 0.44% to $64.92
Both benchmarks set for weekly declines of around 1.8-2.2%
Talks extended despite initial stalling reports, with technical discussions planned for Vienna
Analysts note reduced immediate conflict risk but short timeframe before Trump's March deadline
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Oil prices fell on Friday and were on track for a weekly decline after the United States and Iran extended talks over the OPEC member's nuclear programme, easing concerns about potential hostilities that could disrupt supply. Brent crude futures lost 28 cents, or 0.4%, to $70.47 a barrel, while WTI futures fell 29 cents, or 0.44%, to $64.92. For the week, Brent was heading for a 1.8% decline, while WTI was set to fall around 2.2%, reversing some of the previous week's gains. The United States and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after U.S. President Donald Trump ordered a military build-up in the region. During the talks, oil prices had initially gained more than a dollar a barrel after media reports indicated the discussions had stalled over U.S. insistence on zero enrichment of uranium by Iran, as well as a demand for the delivery of all 60% enriched uranium to the United States. However, prices eased after the Omani mediator said the two sides had made progress in their talks. They plan to resume negotiations with technical-level discussions scheduled to take place next week in Vienna, Omani Foreign Minister Sayyid Badr Albusaidi said in a post on X after the meetings in Geneva. 'While this initially allayed concerns of imminent U.S. military action, it leaves little time to reach a deal before President Trump's deadline of 1–6 March,' said Daniel Hynes, an analyst at ANZ.
Classification of crude oil that serves as a major worldwide benchmark price
Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercontinental Exchange) Brent Crude Oil futures contract or ...
The Organization of the Petroleum Exporting Countries (OPEC OH-pek) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the f...
The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Is...
try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Netflix declines to match Paramount Skydance bid for Warner Bros Dorsey’s Block slashes workforce 40% to embrace AI-native future, shares gain This is where Deutsche Bank sees silver prices ending the year Gold prices mixed as U.S.-Iran nuclear talks end after ’significant progress’ (South Africa Philippines Nigeria) Oil prices edge lower after US, Iran extend talks By Reuters Commodities Published 02/26/2026, 08:57 PM Updated 02/26/2026, 09:00 PM Oil prices edge lower after US, Iran extend talks 0 CL -0.34% MWCLc1 -0.18% LCOmdc1 0.00% (Corrects to add keywords for media subscribers) By Nicole Jao Feb 26 - Oil prices fell on Friday and were on track for a weekly decline after the United States and Iran extended talks over the OPEC member’s nuclear programme, easing concerns about potential hostilities that could disrupt supply. Brent crude futures lost 28 cents, or 0.4%, to $70.47 a barrel. WTI futures fell 29 cents, or 0.44%, to $64.92. For the week, Brent was heading for a 1.8% decline, while WTI was set to fall around 2.2%, reversing some of the previous week’s gains. The United States and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after U.S. President Donald Trump ordered a military build-up in the region. During the talks, oil prices gained more than a dollar a barrel after media reports indicated the discussions had stalled over U.S. insistence on zero enrichment of uranium by Iran, as well as a demand for the delivery of all 60% enriched uranium to the United States. However, prices eased after the Omani mediator said the two sides had made progress in their talks. They plan to resume negotiations with technical-level discussions scheduled to take place next week in Vienna, Omani Foreign Minister Sayyid Badr Albusaidi said in a post on X after the meetings in Geneva. "While this initially allayed concerns of imminent U.S. military action, ...
