FX.co ★ Oil Rebounds on Iran Tensions

WTI crude oil futures climbed 1.5% to around $66.30 per barrel on Thursday, erasing earlier losses of nearly 3%, after Iranian state media reported that Tehran would not allow enriched uranium to be shipped out of the country. The remarks highlighted persistent tensions in the US–Iran nuclear negotiations in Geneva, just days before President Donald Trump’s deadline for reaching an agreement, and reignited concerns that a collapse in talks could disrupt supplies from the OPEC producer.

Prices had been lower earlier in the session after Omani mediators described the discussions as “constructive,” though negotiations are scheduled to resume later in the day. The oil market remains caught between expectations of a global supply glut and rising geopolitical risks in the Middle East.

At the same time, Saudi crude exports are approaching a three-year high, while shipments from Iraq, Kuwait, and the UAE have also increased. Market participants are now focused on Sunday’s OPEC+ meeting, where a modest production increase for April is under consideration.