WTI crude oil futures climbed to about $67 per barrel, approaching a seven‑month high, after the US and Iran agreed to extend nuclear negotiations into next week, prolonging uncertainty in the market. Sentiment was fragile as officials familiar with Washington’s stance indicated the US delegation left the Geneva talks disappointed with the pace of progress, even as Iranian and Omani representatives struck a more optimistic tone.
Further adding to geopolitical tension, the US authorised the departure of non‑emergency personnel and family members from Mission Israel, underscoring elevated regional risks and supporting the risk premium in oil prices. Since the start of the year, these geopolitical factors have underpinned crude, helping offset broader expectations of an impending supply glut.
Traders are also closely watching this Sunday’s OPEC+ meeting, where members will set oil production policy. Markets are alert for any indication of output adjustments, particularly against the backdrop of ongoing US military deployments in the region. For the full month of February, oil is up roughly 2.5%, extending a 13.6% gain in January.
