Oil Falls by Over 1.5%

WTI crude oil futures rebounded 1.5% to around $66.30 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.

WTI crude oil futures fell more than 1.5% to around $64.3 per barrel on Thursday 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.

WTI crude oil futures rose toward $66 per barrel on Thursday, halting a three-day decline as investors prepared for a third round of US-Iran nuclear talks later in the day. Markets were closely focused on the Geneva meeting amid heightened caution over the military buildup in the Middle East and Washington’s increased pressure on Iran through sanctions on entities involved in oil and weapons exports. The talks come as President Donald Trump warned that the US could carry out limited strikes if a nuclear agreement is not reached. However, gains were tempered by a sharp rise in US crude inventories, with EIA data showing a 16-million-barrel build last week, the largest weekly increase since February 2023. Oversupply concerns were further reinforced as Saudi Arabia moved toward its highest crude exports in nearly three years, while Iran accelerated tanker loadings, according to Vortexa data.