Gas Prices Drop as US-Iran Nuclear Talks Continue

Oil prices declined Friday as the United States and Iran extended diplomatic discussions about Iran's nuclear program. The ongoing negotiations have reduced fears of military conflict that could disrupt global oil supplies.

Crude oil prices dropped Friday as diplomatic negotiations between the United States and Iran continued over the Middle Eastern nation’s nuclear activities, reducing market fears about potential military action that could affect global energy supplies.

Brent crude decreased 28 cents to $70.47 per barrel, while West Texas Intermediate crude dropped 29 cents to $64.92 per barrel on Friday trading.

Both oil benchmarks were positioned for weekly losses, with Brent down 1.8% and WTI declining approximately 2.2% for the week, giving back some gains from the prior week.

The two nations conducted indirect diplomatic discussions Thursday in Geneva regarding their ongoing nuclear disagreement, following President Donald Trump’s decision to increase military presence in the region.

Energy markets initially surged more than a dollar per barrel during the negotiations after news reports suggested the talks had reached an impasse over American demands for Iran to halt uranium enrichment completely and transfer all highly enriched uranium to the United States.

Oil prices subsequently retreated when Oman’s diplomatic representative announced that both countries had achieved meaningful progress in their discussions.

According to Omani Foreign Minister Sayyid Badr Albusaidi’s social media statement following the Geneva meetings, technical-level negotiations are scheduled to continue next week in Vienna.

ANZ analyst Daniel Hynes noted, “While this initially allayed concerns of imminent U.S. military action, it leaves little time to reach a deal before President Trump’s deadline of 1–6 March.”