FX.co ★ Oil Steadies as Markets Watch US-Iran Talks

Crude oil held above $96 per barrel on Wednesday, stabilizing after sharp swings in the previous session as investors weighed uncertainty around ongoing US–Iran peace talks. A spokesperson for Qatar’s Foreign Ministry said both sides are reviewing fresh proposals from mediators aimed at narrowing their differences. At the same time, Iran’s national security chief wrote on social media that Washington’s latest response remains unsatisfactory.

Earlier this week, the US carried out defensive strikes against Iran, targeting surface-to-air missile systems that had been used against American assets. The limited nature of these strikes, however, signaled no immediate move back toward large-scale military operations.

The US crude benchmark is still down more than 7% so far this week, pressured by optimism over a potential diplomatic breakthrough and by indications that Middle Eastern crude exports are beginning to recover.