Quick overview

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Oil prices eased in a tumultuous session following Iran’s announcement that nuclear talks with the US in Oman were going well and that both parties had decided to continue.

Brent fell below $67 a barrel, reversing an earlier rise after wildly fluctuating on news reports related to the meeting. The next meeting’s time and location have not yet been determined, but Iranian Foreign Minister Abbas Araghchi said the talks were off to a good start.

An oversupply outlook has been overshadowed by a risk premium added to benchmark oil prices due to the escalation in the Middle East, which supplies roughly one-third of the world’s crude. Nevertheless, the discussions helped ease fears of a conflict in the area, and London’s futures are on course for their first weekly retreat since mid-December.

Ukraine and Russia agreed to swap prisoners for the first time in five months as part of trilateral talks with the United States to put an end to their four-year conflict. Trump’s special envoy stated that the talks were progressing and that outcomes were anticipated “in the coming weeks.”

Saudi Arabia lowered prices for Asian buyers by less than anticipated, indicating that the kingdom believes there will be a market for its barrels, even though prices have already dropped to their lowest level since late 2020.