Oil prices continue descent as US-Iran talks near end

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Oil prices decreased on Friday as Iran and the US continued negotiations in Vienna to restore the Iran nuclear deal.

International benchmark Brent crude was trading at $92.51 per barrel at 0710 GMT with a 0.49% drop after closing the previous session at $92.97 a barrel.

American benchmark West Texas Intermediate (WTI) traded at $91.17 per barrel at the same time for a 0.64% decrease after ending the previous session at $91.76 a barrel.

Iranian and US officials alluded to talks nearing their conclusion, with nuclear negotiator Ali Bagheri Kani tweeting “we are closer than ever to an agreement” on Wednesday.

“We are in the midst of the very final stages,” of complex negotiations, US State Department spokesperson Ned Price said on Wednesday.

Progress in negotiations between the US and Iran raises the likelihood of Iranian supplies returning to the global market, possibly creating a supply surplus.

Meanwhile, the political tensions between Russia and Ukraine, with the intensified threat of an invasion, are keeping prices from falling further.

US President Joe Biden said Thursday that Russia could invade Ukraine “in a manner of several days.”

The head of Poland’s National Security Bureau said Thursday that Russia’s intention to attack Ukraine is clearer than ever, despite Moscow confirming a partial withdrawal of troops from the border.

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