Oil Prices Rise as Iran Tempers U.S. Deal Hopes
EU Warns Energy Prices Will Stay Elevated Through 2027 Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
Oil prices turned to a gain Friday after Iran poured cold water on growing market hopes for a near-term agreement with the United States, reminding traders yet again that optimism around diplomacy and reality on the ground are not always moving in the same direction.
The move reversed part of Thursday’s selloff, which briefly pushed both benchmarks to their lowest levels in nearly two weeks after comments from U.S.
officials suggested progress in negotiations.
That enthusiasm appears to have had a short shelf life.
Iran’s Foreign Ministry spokesman said Friday that Tehran could not necessarily say an agreement was close, according to Tasnim.
The comments followed days of mixed messaging from both sides and reinforced a pattern oil traders know well by now: markets rally on diplomatic headlines, then spend the next day trying to determine whether anything actually changed.
A senior Iraniansource had earliertold Reuters that some gaps had narrowed, but no agreement had been reached.
Secretary of State Marco Rubio also pointed to “some good signs” while making clear that any Iranian effort to restrict movement through the Strait of Hormuz would remain a red line.
Six weeks into the ceasefire, traders appear reluctant to price in major diplomatic progress unless they see some more definitive proof.
While markets repeatedly move on headlines, they do tend to snap back once optimism outruns reality.
Physical oil markets are tightening, inventories continue falling, and elevated fuel prices are feeding broader inflation concerns across major economies.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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