Oil Prices Climb as US-Iran Nuclear Talks Approach

Global oil prices rose by more than half a percent on Wednesday, driven by market anticipation of a new round of high-stakes negotiations between the United States and Iran. The persistent geopolitical tension centers on Washington's demand for Tehran to abandon its nuclear program.

Brent crude futures increased by 42 cents, or 0.6%, reaching $71.19 per barrel. Similarly, West Texas Intermediate (WTI) futures climbed by 41 cents, also a 0.6% gain, to $66.04 per barrel.

The market is sensitive to the prolonged conflict, which has the potential to disrupt oil supplies not only from Iran but also from other key producing nations across the Middle East.

In an address to Congress on Tuesday, U.S. President Donald Trump outlined arguments for a potential strike against Iran. He stated that he would not allow what he called the world's leading state sponsor of terrorism to obtain nuclear weapons.

U.S. Special Representatives Stephen Whitkoff and Jared Kushner are scheduled to meet with an Iranian delegation in Geneva on Thursday for the third round of talks.

Iranian Foreign Minister Abbas Araghchi commented on Tuesday that an agreement with the United States is "within reach," but only if diplomacy is prioritized.

Amid the escalating tensions, Iran and China have reportedly accelerated negotiations for Beijing to supply anti-ship cruise missiles. These weapons could potentially target U.S. Naval forces stationed near Iran's coast.

The core dispute remains unchanged: The United States insists Iran must dismantle its nuclear program, while Tehran vehemently rejects this demand and denies any intention to develop nuclear weapons.