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Crude Volatility Continues as U.S.-Iran Nuclear Talks Remain Deadlocked

Brent crude fell more than 2% Thursday to settle at $102 as markets weighed the prospects of U.S.-Iran diplomatic negotiations aimed at preventing renewed Middle East conflict. President Trump delayed imminent military action to allow additional talks, saying he would wait a couple more days for Iranian responses. However, negotiations have made little progress since a fragile ceasefire agreement last month. Iran's Supreme Leader ordered the country's enriched uranium to remain within its borders, a position potentially obstructing nuclear discussions where the U.S. demands complete dismantling of Iran's program. Trump warned Wednesday he would resume military operations if Iran does not provide complete answers. Meanwhile, the Strait of Hormuz remains severely disrupted by Iran's blockade. The International Energy Agency cautioned Thursday that global oil markets will reach a "red zone" this summer unless the vital shipping corridor reopens, as summer demand will deplete stockpiles.