Brent Set to Jump

Oil prices are set to jump sharply when trading resumes Sunday night, as unprecedented U.S. and Israeli strikes on Iran have intensified Middle East tensions and heightened concerns over potential disruptions to global energy supplies. Prices have been supported since the start of the year by persistent geopolitical tensions. On Friday, brent futures climbed to around $73 per barrel, hitting near 8-month high, as traders reacted nervously to reports that U.S. officials left talks in Geneva disappointed with the lack of progress, even as Iranian and Omani participants struck a more optimistic tone.

Brent crude oil futures rose above $72 per barrel on Friday following a choppy session, on track for a second straight monthly gain after the US and Iran agreed to continue nuclear negotiations next week. Iran described the latest Geneva talks as showing good progress, but a source familiar with the US position said American officials left the negotiations disappointed. Discussions will resume after consultations in each capital, alongside technical-level meetings scheduled next week in Vienna. Tensions persisted as Tehran said it would not allow enriched uranium to leave the country, while a large deployment of US forces in the Middle East kept markets on edge, as President Trump warned of possible military action if the two sides fail to reach an agreement. Meanwhile, traders will closely monitor Sunday’s scheduled OPEC+ supply meeting amid expectations of a broader oil glut.

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%.