Oil prices steady as US and Iran hold Geneva talks

Oil prices showed marginal gains on Thursday as market participants closely monitored diplomatic efforts between the United States and Iran to prevent potential supply disruptions in the Middle East. Brent futures rose by 17 cents to reach $71.02 per barrel, while West Texas Intermediate (WTI) futures increased by 12 cents to $65.54 per barrel. The slight upward movement follows a period of heightened tension where Washington moved military assets into the region to pressure Tehran over its nuclear and ballistic missile programs.

Investors are currently weighing the likelihood of a military conflict versus a diplomatic breakthrough. Analysts suggest that while a short-lived conflict might temporarily push WTI prices above $70, an extended confrontation could severely impact exports from major producers. U.S. envoys are scheduled to meet with an Iranian delegation in Geneva for a third round of negotiations, a meeting seen as a critical pivot point for global energy prices.