Oil Prices Fall as US-Iran Nuclear Talks Continue

Oil prices experienced a decline as the United States and Iran extended their nuclear talks, with Brent crude futures slipping 5 cents to $70.70 per barrel and U.S. West Texas Intermediate (WTI) falling 1 cent to $65.20.

This decline follows a weekly decrease of 1.8% for Brent and 2.2% for WTI, indicating market sensitivity to geopolitical developments. Diplomatic engagements between Washington and Tehran have resumed, with indirect talks held in Geneva aimed at resolving long-standing nuclear disputes to prevent regional escalation.

Oman’s Foreign Minister, Sayyid Badr Albusaidi, indicated that progress was made at the technical level, with discussions expected to continue next week in Vienna. Concurrently, OPEC is anticipated to consider raising output by 137,000 barrels per day during its meeting on March 1.

Despite the recent dip in oil prices, Nigeria's crude oil benchmark remains above the federal government's budget assumptions for 2026, with actual production in January 2025 recorded at 1.48 million barrels per day.