Feb. 27 at 4:59 PM
Oil prices climbed above
$70 after nuclear talks between the U.S. and Iran ended without a deal, heightening geopolitical tensions.
Brent crude futures rose 2.4% to
$72.54 per barrel, while West Texas Intermediate gained 2.6% to
$66.89. Energy stocks moved higher, with ExxonMobil up 0.8%, Chevron rising 0.1%, and ConocoPhillips adding 0.8% in premarket trading.
Prices have been volatile as investors weigh the chances of a diplomatic breakthrough against the risk that U.S. military action could disrupt global crude supplies. The talks, mediated by Oman, reportedly showed “significant progress,” with technical discussions set for next week in Vienna, even as the U.S. increases its military presence in the Middle East.
Traders are also watching the upcoming OPEC+ meeting for potential signals on output increases that could influence the next move in oil prices.
$XOM $CVX $COP