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Oil prices moved lower on Thursday as news of planned diplomatic talks between the United States and Iran reduced immediate fears of a military conflict that could disrupt crude supply from the Middle East, one of the world’s most important oil-producing regions. Brent crude futures declined by around 1.4% to trade near $68.47 per barrel, while U.S. West Texas Intermediate (WTI) crude also fell about 1.4% to around $64.23 per barrel during early Asian trading hours.
The pullback followed a sharp rally a day earlier, when oil prices surged roughly 3% after reports suggested the scheduled U.S.–Iran talks in Oman could collapse. However, sentiment shifted later in the day as officials from both countries confirmed that discussions would proceed, even though the exact agenda has yet to be finalized. This back-and-forth has injected volatility into the oil market, with prices reacting quickly to headlines around geopolitical risk.
Market analysts note that uncertainty surrounding the nuclear talks has been a key driver of recent price swings. Fears of escalating tensions initially pushed prices higher, but those concerns have eased as prospects for dialogue improved. Iran has indicated it is willing to discuss aspects of its nuclear programme, including uranium enrichment, while the United States is seeking broader negotiations that could also cover Iran’s ballistic missile programme, regional influence through proxy groups, and human rights issues.
Despite the planned talks, investors remain cautious. U.S. President Donald Trump has previously warned of potential military action against Iran, which is the fourth-largest oil producer within OPEC. Any conflict could threaten not only Iranian output but also exports from neighboring Gulf producers. This is especially significant given that around 20% of global oil consumption flows through the Strait of Hormuz, a critical shipping route used by Saudi Arabia, the UAE, Kuwait, Iraq, and Iran.
Meanwhile, oil prices found some support from U.S. inventory data. The Energy Information Administration reported declines in U.S. crude oil and distillate stocks for the week ended January 30, even as gasoline inventories increased due to reduced demand during severe winter storms. These mixed fundamentals continue to shape short-term oil price movements amid ongoing geopolitical uncertainty.
