Oil swings as Iran nuclear deal uncertainty weighs on market

Oil prices wavered as Iran raised new doubts about progress in nuclear talks with the U.S. Brent crude hovered below $65 a barrel after Iran’s foreign minister cited “opposing positions” from U.S. negotiators.

Prices had dropped Thursday when Trump hinted at a possible deal, which could ease Iranian oil exports. However, any extra supply would have a limited impact, as global markets already face a looming surplus.

 

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The IEA expects rising production to outpace slowing demand this year and next, potentially worsening the glut, especially if OPEC+ boosts output further.

“Even if a deal adds 200,000-300,000 barrels a day from Iran, it’s not game-changing,” said Westpac’s Robert Rennie, predicting Brent will stay between 60 − 65.

Oil is still on track for a second weekly gain, supported by easing U.S.-China trade tensions, but prices remain down over 10% this year due to trade uncertainty and OPEC+ supply increases.