International Oil Prices Slip as Optimism Over U.S.-Iran Nuclear Talks Grows, WTI Down 0.32%

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International oil prices extended their decline for a fifth consecutive trading day.

Risk premiums eased on news that a relatively positive atmosphere had formed during nuclear negotiations between the United States and Iran.

On the 26th (U.S. Eastern Time), West Texas Intermediate (WTI) crude for April delivery fell 21 cents, or 0.32%, from the previous session to settle at $65.21 per barrel on the New York Mercantile Exchange.

Iranian Foreign Minister Abbas Araghchi said there had been good progress in the nuclear talks with the United States that concluded in Geneva, Switzerland, describing them as “one of our most serious meetings.”

Araghchi acknowledged that differences remained on some issues but noted, “We discussed elements of agreement very seriously in both the nuclear and sanctions areas and reached agreement on some issues.”

Omani Foreign Minister بدر al-Busaidi, who mediated the talks, also said there had been “significant progress” and that technical-level discussions would take place in Vienna next week.

Reports also emerged that a senior U.S. official, speaking anonymously, gave a positive assessment of the meeting.

Barak Ravid, a reporter for U.S. online outlet Axios, posted on his X account that a senior U.S. official described the talks as “positive.”

Although the two sides have yet to reach agreement on key issues, expectations that the overall atmosphere of the talks was amicable put downward pressure on oil prices.

However, as various reports about the outcome of the talks emerged, oil prices fluctuated during the session. Before Iran’s official response was released, there were reports earlier in the day that Iran’s remarks at the morning negotiations had caused disappointment.

ING projected that if constructive results emerge from the U.S.–Iran nuclear talks, the oil market will gradually reduce the roughly $10 per barrel risk premium currently reflected in prices.

This article is provided for informational purposes only and does not constitute investment advice.