Oil prices steady ahead of US-Iran nuclear talks; EIA data shows hefty stock build

Oil prices remained largely stable during Asian trading on Thursday as markets prepared for the third round of U.S.-Iran nuclear talks later in the day, a critical development that could significantly influence near-term oil market dynamics. The stability came despite the Energy Information Administration (EIA) reporting a substantial build in U.S. crude oil inventories, which typically would have pressured prices downward. Market participants appeared to be taking a wait-and-see approach, with the potential outcome of the nuclear negotiations overshadowing the bearish inventory data. The talks, aimed at reviving the 2015 nuclear deal, could lead to increased Iranian oil exports if sanctions are lifted, adding significant supply to an already well-supplied global market. Analysts noted that while the immediate price response was muted, the direction of oil prices in coming weeks could heavily depend on the progress made in these diplomatic discussions.