Oil Prices Drop Ahead of U.S.-Iran Talks in Geneva

Oil prices experienced a decline ahead of scheduled talks between the U.S. and Iran in Geneva. Nigeria's Brent crude was trading at $70.59 per barrel, reflecting a decrease of 0.8% from the previous close of $71.22.

The U.S. benchmark, West Texas Intermediate (WTI), also saw a drop of 0.9%, settling at $65.68 compared to $66.30 in the previous session. Traders are cautious as the outcome of the talks could significantly impact oil supply.

Oman’s Foreign Minister Badr Albusaidi confirmed that the two sides will meet in Geneva on Thursday, February 26. He expressed hope for progress in the negotiations, which are aimed at finalizing a nuclear deal.

Iranian Foreign Minister Abba Araghchi indicated that Iran would provide detailed proposals within the next two days, emphasizing that the final agreement would address the concerns of both sides.