WTI Crude Oil Set for Weekly Loss as US-Iran Nuclear Talks Extend

Key Facts

WTI crude oil is trading around $65.65 during early European trading hours on Friday, attempting a slight recovery from recent lows. Despite the intraday uptick, the benchmark is heading for a weekly decline following the decision by the United States and Iran to extend their ongoing nuclear negotiations. Market participants remain focused on the potential for a deal that could lift economic sanctions, paving the way for a substantial return of Iranian crude to global markets. This extension of talks has maintained supply-side pressure, weighing on investor sentiment throughout the week. Traders are closely monitoring the geopolitical landscape, as the outcome of these prolonged discussions is expected to dictate the near-term trajectory of energy prices.