Oil benchmarks recover early losses after Wednesday’s 7% drop amid renewed skepticism over a U.S.-Iran nuclear agreement.
Brent crude futures climbed 0.66% to $101.94 a barrel in early Asian trade, while U.S. WTI crude rose 0.74% to $95.78. The gains followed a sharp 7% decline on Wednesday, driven by reports of progress in U.S.-Iran negotiations that had eased supply concerns.
Both benchmarks had fallen to multi-week lows after speculation of a potential deal that could restore Iranian oil exports. However, lingering geopolitical tensions and doubts over a near-term agreement supported prices in the latest session.
Market focus remains on Middle East supply risks and the trajectory of U.S.-Iran talks, with traders balancing potential supply increases against ongoing disruptions.