Oil prices stay flat as markets weigh US-Iran talks and Middle East supply
Oil prices remained largely stable as markets evaluated the impact of ongoing US-Iran peace negotiations and the recovery of Middle East crude exports. Despite a strong performance in September, traders are waiting for new catalysts to drive significant price movements.
Why it matters
Global energy prices are highly sensitive to Middle Eastern geopolitical stability and diplomatic relations between major powers like the US and Iran.
Oil prices showed little movement in early trading on Thursday after both major benchmarks gained about $1 a barrel in the previous session. The oil market remained calm as investors weighed developments in US-Iran peace talks and the recovery in Middle East crude exports.Around 7 am IST, WTI Crude was trading at $90.16 a barrel, down 26 cents, or 0.29%, while Brent Crude stood at $97.93 a barrel, lower by 10 cents, or 0.10%.The largely flat session came after a strong September for oil prices. Brent has gained around 14% this month, marking its biggest monthly rise since July. WTI, meanwhile, has advanced about 5% over the month.Markets are also assessing the outlook for crude supplies from the Middle East as they track the latest developments around US-Iran peace talks.
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