Oil markets saw significant gains Friday morning as traders expressed pessimism about the likelihood of diplomatic progress between Washington and Tehran, with negotiations remaining stalled over disagreements about Iran’s nuclear material reserves and maritime passage restrictions.
An Iranian official speaking to Reuters indicated that while no agreement has been finalized with Washington, the distance between the two sides has decreased. Meanwhile, U.S. Secretary of State Marco Rubio acknowledged there had been “some good signs” in talks but any toll system in the strait would be unacceptable.
West Texas Intermediate crude contracts surged to a peak of $98.00 per barrel during morning trading, ultimately settling $1.20 higher at $97.55, representing a 1.3% increase as of 2228 GMT. The previous day saw prices drop approximately 2%, ending at their weakest point in almost two weeks.
Despite Friday’s gains, the oil benchmark remained on track for a weekly decline exceeding 7%.
