Oil prices rise due to US-Iran talks
Istanbul, February 25 (Hibya) - Oil prices increased after two consecutive days of decline, as investors began evaluating supply risks ahead of the third round of nuclear talks between the US and Iran. Brent crude futures rose to $71.4 per barrel, while West Texas Intermediate (WTI) crude futures increased to $66.2 per barrel.
The Iranian Deputy Foreign Minister said on Tuesday that the country would do "whatever it takes" to reach an agreement with the US on its nuclear program.
These statements came after President Trump’s warning on Monday that he preferred diplomacy, but that there could be serious consequences if no agreement was reached.
Attention is focused on the Strait of Hormuz, a critical passage through which about 20% of the world’s oil passes. Any increase in tensions in this area could significantly disrupt supply.
Investors are also assessing the potential impact of new US trade measures, such as the 10% global tariff that went into effect on Tuesday, and the administration’s efforts to raise this rate to 15%.
British News Agency
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