Oil prices experienced a decline on Friday, positioning themselves for a weekly downturn, as discussions between the United States and Iran regarding the OPEC member’s nuclear program were prolonged. This development alleviated apprehensions regarding possible hostilities that might interfere with supply chains. Brent crude futures declined by 28 cents, or 0.4%, settling at $70.47 per barrel. WTI futures decreased by 29 cents, representing a decline of 0.44%, settling at $64.92.

For the week, Brent was on track for a 1.8% decline, whereas WTI was poised to decrease by approximately 2.2%, thereby reversing a portion of the gains observed in the preceding week. The United States and Iran engaged in indirect discussions in Geneva on Thursday concerning their protracted nuclear dispute, aiming to prevent a potential conflict following U.S. President Donald Trump’s directive for a military escalation in the area.

During the talks, oil prices increased by over a dollar a barrel following media reports that suggested the discussions had reached an impasse due to U.S. demands for zero enrichment of uranium by Iran, along with a request for the transfer of all 60% enriched uranium to the United States. Nevertheless, prices softened following the announcement from the Omani mediator indicating that the two parties had achieved advancements in their discussions.

The resumption of negotiations is on the agenda, with technical-level discussions set for next week in Vienna, according to Omani Foreign Minister Sayyid Badr Albusaidi, who shared this update on X following the meetings in Geneva.”While this initially allayed concerns of imminent U.S. military action, it leaves little time to reach a deal before President Trump’s deadline of 1-6 March,” said Daniel Hynes.