Brent Hits 30-week High

Brent increased to 72.49 USD/Bbl, the highest since July 2025. Over the past 4 weeks, Brent Crude Oil gained 7.24%, and in the last 12 months, it decreased 1.51%.

Brent crude oil futures rebounded 2% to above $72 per barrel on Thursday, reversing earlier losses of nearly 3%, after Iranian state media said Tehran would not allow enriched uranium to leave the country. The comments underscored tensions in ongoing US-Iran nuclear talks in Geneva, just days before President Donald Trump’s deadline for a deal, reviving concerns that a breakdown could disrupt supplies from the OPEC producer. Prices had fallen earlier after Omani mediators described the discussions as constructive, though negotiations are set to resume later in the day. Oil remains torn between expectations of a global supply glut and rising Middle East risks. Meanwhile, Saudi exports are nearing a three-year high, and flows from Iraq, Kuwait and the UAE have also risen. Markets now await Sunday’s OPEC+ meeting, where a modest output hike for April is under consideration.

Brent crude futures dropped more than 1.5% on Thursday, slipping below $70 per barrel as investors weighed renewed nuclear negotiations between the United States and Iran alongside rising exports from key Middle Eastern producers. Washington and Tehran launched a third round of talks just days ahead of a deadline set by Donald Trump, with Iranian officials signaling a degree of flexibility even as the U.S. imposed fresh sanctions on more than 30 entities linked to Iran’s oil and weapons trade. Prices have also come under pressure from expectations of a global supply surplus later this year. Saudi Arabia is poised to ship its highest volume of crude in nearly three years, while exports from Iraq, Kuwait, and the United Arab Emirates have climbed. Market participants are now looking ahead to the upcoming OPEC+ meeting for clarity on April production policy.