Brent crude oil futures rose over 1% to above $68 per barrel on Friday, reversing earlier losses, as disagreements over the agenda in US–Iran high-stakes talks made progress uncertain. The US is pushing for a broader discussion that includes Iran’s ballistic missile program and regional activities, while Iran insists the talks focus solely on nuclear issues and sanctions relief. The US Virtual Embassy in Iran has also urged American citizens to leave immediately, raising concerns. Similar alerts were issued last month, including one when President Trump considered possible military options in Iran, which rattled energy markets over potential supply disruptions from the OPEC producer. Meanwhile, Saudi Arabia cut prices for its main crude grade sold to Asia to the lowest level since late 2020, signaling oversupply, though the smaller-than-expected reduction suggested confidence in demand. Still, oil is heading for its first weekly decline in six weeks.
