U.S. crude futures rose slightly on Friday but were poised for their first weekly drop in seven weeks as supply concerns eased and investors turned their focus to the outcome of U.S.-Iran nuclear talks in Oman later in the day.
Brent crude futures gained 25 cents, or 0.4%, to $67.80 a barrel at 0353 GMT, while U.S. West Texas Intermediate (WTI) crude also rose 25 cents, or 0.4%, to $63.54 a barrel.
Both benchmarks remain down more than 3% from near six-month highs reached in late January, following threats from U.S. President Donald Trump to strike Iran. The two sides were scheduled to meet in Oman on Friday, though Tehran and Washington have not agreed on the agenda.
Iran insists the talks focus solely on nuclear issues, while the U.S. seeks to include discussions on Iran’s ballistic missile programme, regional support for armed groups, and human rights concerns.
“The two sides remain well apart, leaving tensions elevated. This should see the geopolitical risk premium remain in place,” Daniel Hynes, an analyst at ANZ, said in a note.
The market remains sensitive to developments in the talks, with investors closely monitoring geopolitical risks alongside underlying supply dynamics that have eased some pressure on oil prices.
