Crude prices surged briefly amid speculation over stalled Iran nuclear talks but reversed as no concrete developments emerged.
Oil prices jumped sharply before paring gains as traders reacted to unconfirmed reports suggesting progress on the Iran nuclear deal remained unlikely. The move lacked clear fundamental drivers, with no official updates on the memorandum of understanding (MOU) negotiations.
Earlier sessions had seen muted trading, with markets awaiting clarity on potential Iranian supply increases. Analysts noted similar volatility in past weeks tied to geopolitical headlines, though no sustained rally materialized.
The brief rally faded quickly, with crude futures returning to pre-spike levels as traders dismissed the rumors as market noise.