Oil prices drop as US inventories rise and Iran talks loom
Oil prices fell Thursday as U.S. crude inventories rose by 16 million barrels. Markets are now focused on the outcome of nuclear talks between the U.S. and Iran.
Oil prices retreated on Thursday as a substantial increase in crude inventories in the United States and a softening physical market weighed on investor sentiment. Market participants are now pivoting their attention toward high-stakes nuclear negotiations involving Iran, which could determine the future of regional supply stability.
Brent Crude Oil futures fell by 1.16% to $70.03 per barrel, while West Texas Intermediate futures saw a similar decline to $64.63. The price drop follows reports from the Energy Information Administration indicating that domestic crude stockpiles surged by 16 million barrels last week, the sharpest rise in three years. This inventory build has offset some of the geopolitical risk premium that has buoyed prices by 15% so far this year.
