Global Oil Prices Fall Slightly as Markets Monitor US-Iran Nuclear Negotiations
Jakarta — Global crude oil prices closed marginally weaker following a volatile trading session on Thursday, 26 February 2026, as market participants monitored developments in negotiations between the United States and Iran regarding Tehran’s nuclear programme.
According to Reuters on Friday, 27 February 2026, Brent crude oil futures fell 10 cents or 0.14 per cent to $70.75 per barrel.
Meanwhile, US West Texas Intermediate (WTI) crude oil fell 21 cents or 0.32 per cent to $65.21 per barrel.
The negotiations aim to ease tensions over a longstanding nuclear dispute, following orders by US President Donald Trump to increase military presence in the region.
Oil prices initially spiked more than $1 per barrel after media reports suggested talks had reached an impasse.
The deadlock resulted from US demands that Iran halt uranium enrichment to zero per cent and surrender all uranium enriched to 60 per cent to the United States.
However, prices subsequently reversed course after both nations agreed to extend discussions until the following week, reducing the potential for imminent military action.
Janiv Shah, Vice President of Oil Analysts at Rystad Energy, stated that the negotiation extension alleviated market concerns regarding the risk of near-term supply disruptions.
Iran’s Foreign Minister Abbas Araqchi described the negotiations as the most serious discussions between the two nations to date.
He emphasised that Iran had clearly communicated its demands regarding the lifting of sanctions and the mechanisms for relief it expected.
Araqchi also confirmed that talks would continue the following week.
Meanwhile, Oman’s Foreign Minister Sayyid Badr Albusaidi previously stated that significant progress had been achieved in the meeting.
On the other hand, Dubai-based oil trader Shohruh Zukhritdinov assessed that the decline in oil prices reflected a reduction in geopolitical risk premiums in the market.
According to him, market participants were beginning to reduce concerns regarding potential sanctions tightening or disruptions to oil shipments through the Strait of Hormuz.
Nevertheless, fundamental market conditions were considered unchanged.
Global supply remained relatively ample, the OPEC+ producer group potentially stood to increase production in April, and Iran was reportedly increasing exports ahead of schedule.
“Thus, this movement is driven more by sentiment than by structural changes in market fundamentals,” Zukhritdinov stated.