WTI crude oil futures rose to around $67 per barrel, near a seven-month high, as the US and Iran agreed to extend nuclear talks into next week, keeping uncertainty high. Traders were nervous because officials familiar with the US position said the US delegation left talks in Geneva disappointed with progress, even as Iranian and Omani participants were more positive. The US also authorised the departure of non-emergency staff and families from Mission Israel, signalling heightened regional tensions and reinforcing risk premia. Prices have been buoyed since the start of the year by these geopolitical risks, which have helped counter broader expectations of a supply glut. Investors are also focused on an upcoming OPEC+ meeting on Sunday to decide oil supply policy, with the market watching for signs of production changes against a backdrop of continued US military deployment in the region. Considering the full month of February, oil is up around 2.5%, extending a 13.6% rally in January.
