{"id":24628,"date":"2026-02-24T06:11:20","date_gmt":"2026-02-24T06:11:20","guid":{"rendered":"https:\/\/microvibenews.com\/?p=24628"},"modified":"2026-02-24T06:11:20","modified_gmt":"2026-02-24T06:11:20","slug":"oil-edges-higher-as-traders-assess-outlook-for-iran-nuclear-deal","status":"publish","type":"post","link":"https:\/\/microvibenews.com\/?p=24628","title":{"rendered":"Oil edges higher as traders assess outlook for Iran nuclear deal"},"content":{"rendered":"

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Oil rose as traders weighed the prospect for an Iranian nuclear deal, with US President Donald Trump saying he prefers a diplomatic solution but warned of consequences if an agreement wasn\u2019t reached.<\/p>\n

Brent climbed above $72 a barrel after closing slightly lower on Monday, while West Texas Intermediate was near $67. Trump said in a social media post it will be a \u201cvery bad day\u201d for Iran if a deal isn\u2019t agreed, and pushed back on reports the Pentagon was worried an extended military campaign may prove difficult.<\/p>\n

Negotiations on a nuclear deal are set to resume on Thursday in Geneva, with Trump\u2019s special envoy Steve Witkoff and son-in-law Jared Kushner expected to meet again with Iranian Foreign Minister Abbas Araghchi.<\/p>\n

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Concerns about the fallout from a US strike on Iran have helped to drive futures higher this year, despite expectations of a global glut. American military forces have massed in the Middle East, and the State Department on Monday ordered the evacuation of non-emergency personnel at its embassy in Beirut.<\/p>\n

\u201cOil markets are in a holding pattern pending updates on the Iran situation, with a healthy dose of skepticism being placed on any de-escalatory rhetoric,\u201d said Saul Kavonic, senior energy analyst at MST Marquee. The US military build-up has added a risk premium of around $10 per barrel to prices, he said.<\/p>\n

Any disruption by Tehran to shipping through the Strait of Hormuz remains the primary focus for the oil market should the US go ahead with a military strike. Tankers carrying crude and liquefied natural gas transit through the narrow waterway daily to deliver cargoes to customers worldwide.<\/p>\n

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A recent closure of parts of Hormuz for Iranian military drills has contributed to higher rates for oil supertankers. Hiring a very large crude carrier for a year now costs more than $92 000 a day on average, according to Clarksons Research Services, the highest in data going back to 1988.<\/p>\n\n\n\n\n
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  • Brent for April settlement rose\u00a00.8%<\/span>\u00a0to $72.05<\/span>\u00a0a barrel at\u00a011:13 a.m.<\/span>\u00a0in Singapore.<\/li>\n
  • WTI for April delivery was\u00a00.8%<\/span>\u00a0higher at $66.85<\/span>\u00a0a barrel.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u00a9 2026 Bloomberg<\/p>\n

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