Oil benchmarks erased earlier losses after Iran dismissed hopes for a swift agreement with the U.S., lifting prices from two-week lows.
Oil prices reversed course Friday, with Brent crude rising 0.78% and WTI climbing 0.20% to $96.54. The gains followed Iran’s dismissal of near-term deal prospects with the U.S., cooling optimism that had weighed on prices Thursday.
WTI had earlier fallen to its lowest level in nearly two weeks after U.S. officials signaled progress in negotiations. The reversal underscores persistent volatility tied to geopolitical developments in the Middle East.
Traders remain focused on supply risks, with Iran’s stance reinforcing concerns over potential disruptions in global oil flows.