Brent crude futures jumped over 1% on Friday to trade above $68 per barrel, recovering earlier declines as investors grappled with continued uncertainty over US–Iran negotiations.
Talks have stalled over the agenda, with the US pushing to address Iran’s missile program and regional actions, while Tehran insists on focusing only on nuclear issues and sanctions relief.
Geopolitical tension remains a key market driver. The US Virtual Embassy in Iran urged American citizens to leave immediately, reinforcing concerns about regional stability and potential supply disruptions from OPEC’s third-largest producer.
Meanwhile, Saudi Arabia cut prices for its main crude grade sold to Asia to the lowest level since 2020, reflecting oversupply. Analysts note the modest scale of the reduction suggests confidence in steady demand.
Despite Friday’s rebound, Brent is poised to record its first weekly loss in six weeks, highlighting how geopolitical jitters and market dynamics continue to weigh on oil prices.
