Oil rises after brief Russia‑Ukraine talks and amid Iran‑U.S. tensions

Oil prices rose about 3% after U.S.-mediated Russia–Ukraine talks in Geneva ended quickly and as reported tensions between the U.S. and Iran continued.

Oil prices moved higher after a short round of U.S.-mediated talks between Russia and Ukraine in Geneva ended after about two hours and as tensions between the United States and Iran remained in focus. Traders pushed Brent up nearly 3% and U.S. crude by close to 2.8% on the session. The rise followed a drop the previous day and came as multiple geopolitical and market indicators were cited by analysts. Key points: - The Geneva talks between Russia and Ukraine were mediated by the United States and ended after roughly two hours, with Ukrainian officials describing the discussions as difficult. - At 1440 GMT, Brent crude was reported at about US$69.38 a barrel, up US$1.96 (2.9%), and U.S. West Texas Intermediate at about US$64.08, up US$1.75 (2.8%), after both contracts had fallen to two-week lows the previous day. - Iranian state media reported temporary closures of parts of the Strait of Hormuz during Revolutionary Guards drills and announced planned naval drills with Russia in nearby waters, while other reports said Iran and the U.S. had discussed guiding principles of nuclear talks. - A political consultancy cited a raised probability of U.S. military action against Iran by late April, and market participants noted upcoming U.S. oil inventory reports from the American Petroleum Institute and the Energy Information Administration as near-term data points. Summary: Oil prices rose in response to the brief halt to Russia–Ukraine negotiations and continuing Iran‑U.S. tensions, reflecting trader sensitivity to geopolitical signals. Near-term market attention is on reported regional military activity and scheduled U.S. oil inventory reports; further developments are undetermined at this time.