Join on WhatsApp 
Join on Telegram Rabat – Global oil prices moved higher today, reversing the previous session’s losses as traders reassessed geopolitical risks stretching from Eastern Europe to the Middle East.
Brent crude rose 1.2% to $68.20 a barrel by late morning in London, while US West Texas Intermediate gained 1.2% to $63.06.
The rebound reflects renewed caution in energy markets after diplomatic efforts between Russia and Ukraine stalled and fresh uncertainty surfaced around talks between the US and Iran.
Peace efforts falter in Geneva
Hopes for progress dimmed after negotiations between Moscow and Kyiv in Geneva ended after only two hours. Ukrainian President Volodymyr Zelenskiy described the meeting as tense and accused Russia of dragging out the process rather than seeking a meaningful settlement to end the four-year conflict.
Russia’s lead delegate, Vladimir Medinsky, offered a more measured assessment. He said the exchange proved difficult but professional and indicated that both sides plan another round of talks.
The negotiations have taken place under US mediation, with President Donald Trump in recent days urging Ukraine to take steps that could improve the prospects for an agreement. For oil traders, the lack of a breakthrough signals continued instability in a region that plays a crucial role in global commodity flows.
Iran talks temper optimism
Earlier in the week, oil markets retreated after Tehran and Washington agreed on what officials described as “guiding principles” for future nuclear discussions. Yet Iranian Foreign Minister Abbas Araqchi stressed that such principles do not equal a finalized deal.
Compounding uncertainty, Iranian state media reported a temporary halt to shipping traffic in parts of the Strait of Hormuz due to security measures linked to military exercises. Authorities later stated that the restriction lasted only a few hours, though clarity on the full reopening remained limited.
The narrow waterway serves as a vital corridor for global crude exports. Even a brief disruption can send prices sharply higher and unsettle supply chains.
Market analysts note that Tehran understands the leverage it holds. A sharp spike toward $150 per barrel would strain global economies and complicate US political calculations. For now, Iran appears to favor patience over escalation.
Energy markets now sit at the intersection of fragile diplomacy and military signaling. Traders must weigh the promise of negotiation against the risk of sudden disruption. Until clearer outcomes emerge, oil prices will likely reflect caution as much as supply and demand fundamentals.
