Oil prices remain near seven month highs ahead of crucial US and Iran negotiations

Oil prices stay near seven-month highs as investors await US-Iran talks in Geneva. Geopolitical risks persist despite reports of rising crude stockpiles.

Oil prices climbed to near seven-month highs as United States USUS envoys prepare for a third round of talks with an Iranian IRIR delegation in Geneva this Thursday. The rally in crude benchmarks comes amid heightened concerns that a potential military conflict between the United States and Iran could disrupt global supplies, particularly as U.S. military forces in the Middle East remain positioned in the region.
A model of an oil pump is seen in front of an Iranian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration
A model of an oil pump is seen in front of an Iranian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration
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