FX.co ★ Oil Gains Ahead of US-Iran Talks

WTI crude oil futures climbed toward $66 per barrel on Thursday, snapping a three-session losing streak as investors looked ahead to a third round of US–Iran nuclear talks later in the day. Markets are closely tracking the Geneva meeting between a US delegation led by special envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi amid heightened concern over a military buildup in the Middle East.

The talks come as President Donald Trump has warned that the US could carry out limited strikes if a nuclear deal is not reached. Still, upside in oil prices was capped by a sharp increase in US crude inventories: EIA data showed a 16-million-barrel build last week, the largest weekly rise since February 2023. Oversupply worries were further exacerbated as Saudi Arabia moves toward its highest crude exports in nearly three years, while Iran has stepped up tanker loadings, according to Vortexa data.