WTI crude oil futures hovered around $65.50 per barrel on Friday after a volatile session, as the US and Iran agreed to resume nuclear negotiations next week. Iran characterized the latest Geneva talks as having made “good progress,” while a source familiar with the US position said American officials left the discussions disappointed. Talks are set to continue following consultations in each capital, alongside technical-level meetings scheduled next week in Vienna.
Tensions remained elevated after Tehran insisted it would not permit enriched uranium to be removed from the country. At the same time, a sizable deployment of US forces in the Middle East kept markets nervous, particularly after President Trump signaled the possibility of military action if no agreement is reached.
Meanwhile, traders are focused on Sunday’s OPEC+ meeting on production policy, with geopolitical risks further clouding the outlook already overshadowed by expectations of a broader global oil glut. For the week, crude prices are on track to finish lower.
