Oil prices stable amid US–Iran diplomatic talks

Oil prices remained steady on Wednesday as traders waited for direction while U.S.-Iran talks continued. Lingering geopolitical uncertainty helped support prices. Brent crude futures rose 23 cents, or 0.3%, to $69.03 a barrel by 0100 GMT. U.S. West Texas Intermediate crude increased 23 cents, or 0.4%, to $64.19 a barrel. Analysts said the market was cautious, balancing hopes of diplomacy against potential military tensions in the Middle East.

Iran’s foreign ministry said nuclear talks with the U.S. allowed Tehran to assess Washington’s seriousness. Officials noted enough consensus exists to continue on the diplomatic track. Last week, diplomats from both nations met in Oman to revive negotiations. The meetings came after U.S. President Donald Trump positioned a naval flotilla in the region. This move raised fears of possible military conflict.

Oil prices initially dipped after Oman’s foreign minister called the talks productive. However, the market later reacted to reports that the U.S. may send a second aircraft carrier to the Middle East. Analysts at ANZ said these developments dashed hopes for a peaceful resolution. President Trump confirmed on Tuesday that he is considering the additional deployment. Meanwhile, both countries are preparing to resume negotiations to avoid escalating tensions.

Read more : Global Oil Prices Fall Ahead of Iran US Talks

Traders are also awaiting U.S. weekly oil inventory data from the Energy Information Administration. Analysts surveyed by Reuters expect crude inventories rose by roughly 800,000 barrels in the week ending February 6. Distillate stocks are likely down by about 1.3 million barrels, while gasoline inventories may have fallen 400,000 barrels. These numbers are expected to influence market sentiment and oil prices in the coming days.

Meanwhile, American Petroleum Institute figures showed U.S. crude inventories jumped by 13.4 million barrels last week. This surge added pressure to the market, offsetting some of the geopolitical support for oil. Market watchers said traders remain cautious, balancing inventory data against ongoing geopolitical risks. The combination of diplomacy, military maneuvers, and supply levels will likely keep oil prices volatile in the near term.