Oil Extends Gains Toward 7-Month High

2026-02-27 12:48 By Agna Gabriel 1 min. read

WTI crude oil futures rose to around $67 per barrel, near a seven-month high, as the US and Iran agreed to extend nuclear talks into next week, keeping uncertainty high.

Traders were nervous because officials familiar with the US position said the US delegation left talks in Geneva disappointed with progress, even as Iranian and Omani participants were more positive.

The US also authorised the departure of non-emergency staff and families from Mission Israel, signalling heightened regional tensions and reinforcing risk premia.

Prices have been buoyed since the start of the year by these geopolitical risks, which have helped counter broader expectations of a supply glut.

Investors are also focused on an upcoming OPEC+ meeting on Sunday to decide oil supply policy, with the market watching for signs of production changes against a backdrop of continued US military deployment in the region.

Considering the full month of February, oil is up around 2.5%, extending a 13.6% rally in January.



News Stream
Oil Extends Gains Toward 7-Month High
WTI crude oil futures rose to around $67 per barrel, near a seven-month high, as the US and Iran agreed to extend nuclear talks into next week, keeping uncertainty high. Traders were nervous because officials familiar with the US position said the US delegation left talks in Geneva disappointed with progress, even as Iranian and Omani participants were more positive. The US also authorised the departure of non-emergency staff and families from Mission Israel, signalling heightened regional tensions and reinforcing risk premia. Prices have been buoyed since the start of the year by these geopolitical risks, which have helped counter broader expectations of a supply glut. Investors are also focused on an upcoming OPEC+ meeting on Sunday to decide oil supply policy, with the market watching for signs of production changes against a backdrop of continued US military deployment in the region. Considering the full month of February, oil is up around 2.5%, extending a 13.6% rally in January.
2026-02-27
Oil Rises as Iran Nuclear Talks Extend
WTI crude oil futures rose toward $67 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.
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Oil Rebounds on Iran Tensions
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.
2026-02-26