Oil prices gave up early gains to turn lower on Thursday after Iran hinted that it may be close to getting a new nuclear deal with the U.S.S via negotiations in Europe. Investors also assessed the potential for new supply as the war in Ukraine enters its second month.
Brent futures for May delivery were little changed at $121.60 per barrel, while U.S. West Texas Intermediate futures were down 0.3 percent at $114.63.
White House national security adviser Jake Sullivan said on Wednesday the United States and its allies have made progress in Iran nuclear talks, but issues remain, and it is unclear if they will be resolved.
The allies are trying to use diplomacy to put Iran's nuclear program "back in a box," Sullivan told reporters aboard Air Force One as President Joe Biden flew to Brussels. Analysts say that a lifting of Iranian export restrictions would help ease currenty supply tightness.
U.S. President Joe Biden is scheduled to attend an emergency NATO summit today. He is also set to meet G-7 leaders and address EU leaders at a meeting of the European Council.
With Europe depending heavily on Russian gas for heating and power generation, the European Union is split on whether to sanction Russia's energy sector.
