International oil prices surged on Wednesday as reports of progress in US-Iran nuclear talks boosted market sentiment. Brent crude futures rose by $1.8, or 2.6%, to $69.3 per barrel earlier in the day, while US West Texas Intermediate (WTI) crude increased by $1.8, or 2.48%, to $64.2 per barrel.
By 6:30 PM PKT, Brent stood at $69.1 per barrel, up 2.54% or $1.71, while WTI reached $63.94 per barrel, gaining 2.58%. Analysts said easing geopolitical tensions between the US and Iran were the primary drivers of the rally.
Market participants also noted that oil prices remained sensitive to ongoing global events, including stalled negotiations between Russia and Ukraine over de-escalation, which added further volatility to energy markets.
Oil Price Movement
| Crude Type | Price (USD/Barrel) | Change (%) |
|---|---|---|
| Brent | 69.1 | +2.54% |
| WTI | 63.94 | +2.58% |
Oil prices are heavily influenced by geopolitical developments, including US-Iran nuclear negotiations and the Russia-Ukraine conflict. Recent productive discussions between the US and Iran eased fears of supply disruptions, while stalled Russia-Ukraine talks created uncertainty, keeping markets on alert.
