Slight increase in oil prices. Aftermath of talks between the US and Iran

“A barrel of West Texas Intermediate crude for March delivery is trading at $62.40 on the NYMEX in New York, up 0.11 percent. Brent crude for April delivery on the ICE exchange is priced at $67.55 per barrel, up 0.19 percent.” The slight increase in prices may be linked to the US–Iran negotiations that took place in Geneva yesterday, February 17. Both sides of the talks stated that certain progress had been made.

“Progress has been achieved, but many details still need to be discussed. The Iranians have announced that within the next two weeks they will present detailed proposals to fill some of the gaps between our positions,” a White House official said in a statement sent to the media after the second round of talks.

Iran’s Minister of Foreign Affairs Abbas Araghchi also reported progress. “We have managed to reach a broad agreement on a set of guiding principles on the basis of which we will begin work on the text of a potential agreement,” he said. He added that any threats by the United States to use force against Iran must cease immediately.

President Donald Trump has repeatedly indicated that if the negotiations fail, America will carry out a military intervention. The attack would be much stronger than the one that took place in June, when Iran’s nuclear facilities were bombed. Iranian President Masoud Pezeshkian declared that Iran “absolutely does not seek” to acquire nuclear weapons and is ready for possible verification of its “peaceful nuclear program,” which it will not abandon.

Parallel to the negotiations, the United States has been building up its forces in the Middle East region. Shortly after the talks began, Iran launched missiles toward the Strait of Hormuz, causing several hours of restricted traffic in the strait.