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Oil prices were largely unchanged in Asian trading on Wednesday after posting sharp losses in the previous session, as progress in U.S.-Iran nuclear negotiations eased concerns about potential supply disruptions. The latest developments reduced geopolitical risk premiums that had supported crude markets earlier this week.
Brent crude futures for April delivery edged up 0.1% to $67.51 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.1% to $62.40 per barrel. Despite the modest rebound, both benchmarks remained under pressure after Brent dropped nearly 2% and WTI fell 1% on Tuesday.
Market sentiment shifted following reports that Washington and Tehran reached an understanding on key “guiding principles” during ongoing nuclear talks. Although Iranian Foreign Minister Abbas Araqchi clarified that a final agreement is not imminent, the signs of progress raised expectations that Iranian oil exports could eventually return more fully to global markets. Iran remains a significant oil producer, and any easing of sanctions could increase global crude supply, influencing Brent and WTI prices.
Energy traders are closely monitoring developments due to Iran’s strategic position near the Strait of Hormuz, a critical transit route handling roughly 20% of the world’s daily oil consumption. Reduced geopolitical tensions in this region typically weigh on oil prices by lowering supply risk concerns.
Trading volumes in Asia were relatively thin due to Lunar New Year holidays across several regional markets, contributing to limited price movement.
Investors are also awaiting key U.S. oil inventory data. The American Petroleum Institute (API) is set to release its weekly crude stock estimates, followed by official figures from the Energy Information Administration (EIA). These reports will offer insights into U.S. supply trends and short-term price direction.
Additionally, markets are watching the Federal Reserve’s January meeting minutes and the upcoming U.S. Personal Consumption Expenditures (PCE) inflation report for signals on interest rates and future fuel demand.
