RoydadNaft –  Oil prices rose by more than one dollar on Friday as traders remained wary of potential supply disruptions following the extension of nuclear talks between the United States and Iran.

According to Roydad Naft, Brent crude futures stood at $72.13 per barrel by 11:10 GMT, up $1.38 or 1.95%, while US WTI crude rose by $1.40 or 2.15% to $66.61.

Tamas Varga, oil analyst at PVM brokerage, said: “Uncertainty prevails and fear is driving prices higher today. This is entirely influenced by the outcome of the Iran nuclear talks and the possible military action by the United States against Iran.”

For the week as a whole, Brent is set to close with a 0.2% gain, while WTI is expected to see a 0.1% decline.

The United States and Iran held indirect talks in Geneva on Thursday, following US President Donald Trump’s order to increase military presence in the region.

Oil prices rose by more than one dollar per barrel during the talks, based on media reports indicating that discussions had stalled over the US insistence on zero uranium enrichment by Iran. However, prices later eased after the Omani mediator announced that both sides had made progress in the negotiations.

They intend to resume talks, with technical-level expert discussions scheduled for next week in Vienna; this was announced by Mr Badr Albusaidi, Foreign Minister of Oman, on X.

Suvro Sarkar, analyst at DBS, said: “We believe the latest round of talks offers some hope for a peaceful resolution, but military strikes are by no means off the table.”

Sarkar noted that a geopolitical risk premium of $8 to $10 per barrel is currently factored into oil prices, owing to concerns over potential disruption to Middle East supply through the Strait of Hormuz, which carries around 20% of global oil supply.

Two informed sources told Reuters that Saudi Arabia is increasing production and exports to mitigate the impact of any potential attack.

Meanwhile, the OPEC+ producer group is likely to consider raising oil production by 137,000 barrels per day for April at its meeting on 1 March, following the suspension of increases in the first quarter, according to sources.

Updated on 27 February 2026 (8 Esfand 1404 in the Persian calendar).