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Oil Markets Volatile as U.S.-Iran Peace Talks Show Promise But Remain Stalled

Crude prices edged higher Friday as diplomatic efforts to resolve the U.S.-Iran conflict showed progress, though significant obstacles persist. Brent crude futures rose 96 cents to $103 per barrel, while West Texas Intermediate added 25 cents to $96. Brent fell more than 5% for the week after the administration paused military action to pursue negotiations. Secretary of State Marco Rubio called the discussions encouraging but cautioned that any agreement requires resolving disputes over Tehran's uranium enrichment program and shipping corridor access through the Strait of Hormuz. Market analysts remained guarded about breakthrough prospects, noting previous negotiations have collapsed despite apparent momentum. Energy officials warned that summer demand could strain global supplies if the strategic waterway remains disrupted, creating critical shortages in Asian and African markets dependent on Persian Gulf shipments.