Oil Prices Hold Steady Amid US-Iran Talks and Gulf Export Recovery

Oil prices remained steady in early Asia trade on Thursday, following the previous day's gains and steep monthly rises. The current price of Brent crude futures rose by 12 cents to $98.15 a barrel, while US West Texas Intermediate crude fell by 7 cents to $90.35 a barrel.

The slight changes come as investors assess the outcome of US-Iran peace talks and the outlook for Middle East crude exports. Toshitaka Tazawa, an analyst at Fujitomi Securities, noted that buying continued amid supply concerns, but selling pressure also prevailed due to signs of recovery in Middle Eastern oil exports.

Qatar expressed hope that shuttle diplomacy between Tehran and Washington could lead to a breakthrough, while US President Donald Trump denied reports suggesting he was willing to give Iran sanctions relief and release frozen Iranian funds in return for 'concrete' steps by Tehran on its nuclear program.

The Saudi Arabian government resumed oil tanker loadings from the Red Sea port of Yanbu after restarting operations on its East-West Pipeline. Goldman Sachs estimates Gulf oil exports have recovered to 23.3 million barrels per day over the last week, in line with their 2025 average.