US-Iran Peace Talks Dampen Oil Price Rally

Oil prices rose on Friday as investors questioned the prospects of a breakthrough in US-Iran peace talks. Brent crude futures increased by $3.3, or 3.2%, to $105.88 a barrel, while WTI futures rose $2.53, or 2.6%, to $98.88.

The market has been driven by headlines on the potential for a peace deal and its impact on oil supplies. However, with no significant progress made in talks, investors remain cautious.

Tamas Varga of PVM Oil Associates noted that the optimism around a truce and bearish rhetoric when Brent approaches $110 prevent oil prices from rising significantly.