Oil trims losses as traders weigh progress in US–Iran talks

Oil prices steadied in Asian trade on Wednesday after falling about 2% in the previous session as investors assessed progress in US–Iran talks but remained cautious about the prospects of a final deal that could ease supply concerns. Brent futures rose 23 cents or 0.34% to $67.65 a barrel by 0412 GMT, while US West Texas Intermediate (WTI) crude was up 19 cents or 0.3% at $62.52. Both are around two-week lows. Iran and the US reached an understanding on Tuesday on main “guiding principles” in talks aimed at resolving their longstanding nuclear dispute, but that does not mean a deal is imminent, Iranian Foreign Minister Abbas Araqchi said. Analysts remained sceptical about the potential for further progress. “Crude oil prices look poised for a technical rebound … However, a finalised agreement remains distant, and markets remain cautious about the durability of diplomatic momentum,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm. Political consultancy Eurasia Group said in a Tuesday note to clients that it thinks there is a 65% probability of US military strikes against Iran by the end of April.