Oil Prices Dip as US-Iran Talks Extend

Oil prices closed lower on Thursday after a volatile trading session, as investors monitored indirect talks between the United States and Iran in Geneva aimed at resolving their longstanding nuclear dispute and preventing escalation.

Brent crude futures fell 10 cents, or 0.14 percent, to settle at $70.75 per barrel, while West Texas Intermediate futures dropped 21 cents, or 0.32 percent, to $65.21 per barrel. The session saw sharp swings, with prices initially climbing more than a dollar on reports that the discussions had stalled over U.S. demands for Iran to cease all uranium enrichment and surrender its stockpile of highly enriched material. Prices later retreated as the talks extended into next week, easing immediate fears of military action.

The negotiations marked the third round of indirect dialogue, facilitated in part by Oman. U.S. envoys, including Steve Witkoff and Jared Kushner, met with an Iranian delegation to address Iran's nuclear and ballistic missile programs. Iranian Foreign Minister Abbas Araqchi described the exchanges as the most serious to date with the United States, emphasizing Tehran's insistence on lifting economic sanctions as a prerequisite for any...