Oil prices rose at the end of the week’s settlement as investors grew concerned that there was not enough progress in talks between Iranian and U.S. representatives to avoid military action. However, oil prices recorded their first weekly decline since the beginning of this year.
Brent crude oil futures rose 50 cents, or 0.74%, to $68.05 a barrel, but were down 3.7% for the week.
U.S. West Texas Intermediate crude rose 26 cents, or 0.41%, to $63.55 per barrel, but was down 2.5% for the week.
Iran and the United States held negotiations mediated by the Sultanate of Oman to overcome the crisis related to Iran’s nuclear program.
“The situation in Iran continues to be volatile,” said John Kilduff, a partner at Again Capital. It may feel better one day or even for an hour, then get worse the next. “He is concerned about the current situation regarding Iran.”
Iranian state television reported the end of the talks, and Iranian Foreign Minister Abbas Araqchi said both negotiators would return to their home countries for consultations and talks would resume.
Oil prices rose at the end of the week as investors grew concerned that talks between Iranian and U.S. representatives to avoid military action were not making enough progress. However, oil prices recorded their first weekly decline since the beginning of this year.
Brent crude oil futures rose 50 cents, or 0.74%, to $68.05 a barrel, but were down 3.7% for the week.
U.S. West Texas Intermediate crude rose 26 cents, or 0.41%, to $63.55 per barrel, while falling 2.5% for the week.
Iran and the United States held negotiations mediated by Oman to overcome the crisis related to Iran’s nuclear program.
“We’re seeing continued fluctuations with respect to the situation in Iran,” said John Kilduff, partner at Again Capital. “The situation improves one day, or even an hour, and gets worse the next. The current situation with Iran is concerning.”
Iranian state television reported the end of the talks, and Iranian Foreign Minister Abbas Arakchi said the negotiators would return to their country for consultations and resume talks.
