Oil Prices Steady as Markets Await U.S.-Iran Talks and OPEC+ Decision

Oil prices experienced a slight pullback as market participants remain cautious ahead of pivotal geopolitical events. Traders are closely monitoring the upcoming nuclear negotiations between the United States and Iran, which are scheduled to take place this Thursday. A diplomatic breakthrough could potentially increase global supply, while a lack of progress might heighten regional conflict risks. Simultaneously, the market is bracing for the next OPEC+ meeting, which will establish production targets for the coming months. Investors are currently weighing the possibility of more Iranian crude entering the market against ongoing supply constraints and geopolitical instability. The outcome of these high-stakes discussions is expected to drive significant volatility in crude oil benchmarks like CL and LCO.