Oil Prices Edge Higher as US-Iran Oman Talks Loom (Brent +2.8%)

Oil prices edged higher as traders await outcomes from US-Iran indirect talks in Oman, with the first round signaling a focus on broader issues rather than an immediate resolution. Brent crude nears $68 per barrel after a 2.8% decline on Thursday and posted gains on Friday, though futures pared some of the gains as a second round is expected. The Middle East accounts for about a third of global crude, and regional volatility has added a risk premium to oil prices, offsetting concerns of oversupply. Prices in London are on track for their first weekly loss since mid-December as the talks help ease conflict-related fears. Saudi Arabia cut Asian prices by less than expected, indicating confidence in demand despite ongoing reductions to levels not seen since late-2020.