Global oil prices rose on Thursday, with Brent crude trading at just over $102 per barrel, as investors closely watched ongoing developments in U.S.–Iran negotiations.
Brent crude from the North Sea increased by 78 cents after Asian markets opened, reaching $102.05 per barrel. At the same time, U.S. West Texas Intermediate (WTI) crude also climbed, gaining 76 cents to trade at $95.84 per barrel.
Both benchmark oils had fallen sharply by about 7% on Wednesday after comments from U.S. President Donald Trump suggested that a possible long-term agreement to end regional conflict could be within reach. That statement initially eased market fears and triggered a temporary drop in prices.
However, uncertainty quickly returned to the market. Investors and traders are now waiting for clearer outcomes from the negotiations between Washington and Tehran, which continue to influence global energy expectations.
Hiroki Kikukawa, an analyst at Nissan Securities, said talks related to ending tensions with Iran may continue into next week, but the situation beyond that remains unclear. He warned that markets are still reacting to political signals rather than firm agreements.
Kikukawa added that the most likely short-term scenario is that oil prices will remain at relatively high levels due to ongoing geopolitical risks and supply concerns.
Meanwhile, an Iranian Foreign Ministry official told domestic media that Tehran is currently reviewing U.S. proposals. The official did not provide details on the content of the discussions but confirmed that consultations are ongoing within the government.
U.S. President Donald Trump also stated that he believes Iran is interested in reaching an agreement, raising expectations that diplomatic progress may continue.
Overall, oil markets remain highly sensitive to political developments, especially regarding U.S.–Iran relations. Traders continue to react quickly to statements from both sides, keeping prices volatile while awaiting clearer diplomatic outcomes.
