Oil prices hits $67pb amidst geopolitical concerns

Agency Report

Oil prices climbed on Wednesday as markets struggled with geopolitical balance, as a result of sustained fluctuation between supply and demand outlook. U.S policy instability has stoked pressures on geoeconnomic stressing global economic projections.

Brent crude traded at $67.09 per barrel, up 0.2% from the previous close of $66.93. US benchmark West Texas Intermediate (WTI) increased 0.2 per cent to $62.32 per barrel, compared with $62.18 in the previous session.

Markets focused on comments from US Vice President JD Vance, who said a second round of negotiations with Iran had been productive “in some ways,” but that Tehran was “not yet willing” to engage on certain “red lines” set by President Donald Trump.

“Our primary interest here is we don’t want Iran to get a nuclear weapon,” the vice president said during an interview with Fox News.

“In some ways, it went well. They agreed to meet afterwards. But in other ways, it was very clear that the president has set some red lines that the Iranians are not yet willing to actually acknowledge and work through,” Vance added.

The Iranian delegation was led by Foreign Minister Abbas Araghchi, while the US team was headed by special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner.
Araghchi said there had been progress in Geneva, describing the atmosphere as “more constructive.”

“It was decided that both sides will work on the drafts of a potential agreement, and after exchanging the texts,” he said. “The timing of the next round of talks will be determined.”

Iran’s top diplomat added that a clear path lies ahead for nuclear negotiations with the American side, which is “assessed positively” from Iran’s perspective.

On February 6, Oman hosted a first round of indirect talks in Muscat, the first since Trump ordered strikes on Iran’s nuclear facilities in June. Trump has since directed a US military buildup in the region as he threatens Iran to make a deal with Washington.

While the comments suggested some progress, investors appeared reluctant to price in a full easing of geopolitical risk without clearer signs of a concrete agreement. Any durable deal could eventually open the door to changes in Iran’s oil supply outlook, but for now uncertainty remains.