Brent inches up as no quick resolution emerges in Iran-US talks

The front-month ICE Brent contract has increased by $0.35/bbl on the day, to trade at $71.18/bbl at 09.00 GMT.

IMAGE: Oil pumpjacks. Getty Images

Upward pressure:

Brent crude’s price has remained largely steady after the US and Iran extended nuclear negotiations, with market analysts expecting further rounds of indirect talks to come soon.

Representatives from both countries met in Geneva yesterday to discuss Tehran’s uranium enrichment programme after US President Donald Trump threatened military actions against the OPEC member.

The US has demanded for the handover of all 60% enriched uranium to it, according to Reuters.

“Before talks ended, Iran’s state media reported that Tehran won’t allow enriched uranium to leave the country,” ANZ Bank’s senior commodity strategist Daniel Hynes wrote.

Washington has not released any official statement regarding the progress of the meeting. Besides, there is “little time to reach a deal before President Trump’s deadline of 1–6 March,” Hynes said.

Negotiations are expected to resume next week in Vienna, Omani Foreign Minister Sayyid Badr Albusaidi said on social media platform X.

Oman is the mediator in the ongoing discussions. “Rising tensions between the US and Iran have reminded the oil market that geopolitical risks should not be ignored,” Hynes added.

Downward pressure:

Saudi Arabia-led OPEC group is expected to increase oil output by 137,000 b/d for April in its upcoming meeting on 1 March – changing course from a three-month pause in hikes, Reuters reported.

This news has put some downward pressure on Brent’s price today.

The Vienna-headquartered coalition had implemented hikes of 137,000 b/d in 2025, before deciding to pause the increases for the first quarter of this year – a move likely to withhold a surplus in the global oil market, according to analysts.

By Aparupa Mazumder

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