Crude oil prices rose in the global market on Friday, while investors remained volatile as uncertainty over the future of the ongoing talks between Iran and the US continued.
According to international standards, the price of Brent crude oil increased by $1.66, or 1.6 percent, to $104.24 per barrel. On the other hand, US West Texas Intermediate (WTI) crude oil was trading at $97.46 per barrel, up $1.11.
Although prices rose on Friday, both major crude oil benchmarks recorded a decline on a weekly basis. Brent crude oil prices fell by 4.6 percent during the week, while WTI fell by 7.6 percent.
According to experts, the main reason for price fluctuations in the global market is the uncertainty surrounding a possible peace agreement between Iran and the US and the nuclear talks. Investors are concerned that if the talks are successful, Iran’s increased oil exports could increase global supply, which could further lower prices.
According to the news agency �, a senior Iranian source has claimed that differences between Tehran and Washington on some key issues have partially narrowed. On the other hand, US Secretary of State Marco Rubio also mentioned “some positive signs” in the talks.
However, issues such as Iran’s uranium reserves, nuclear program and influence over the Strait of Hormuz, a key shipping route in the Gulf, are still considered major points of contention between the two countries.
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