Brent crude futures climbed in early trading after the United States announced a 60-day extension of sanctions relief on Iranian oil exports.
The decision, reported by Nairametrics, comes as diplomatic peace talks advance, providing a temporary reprieve for global supply chains that have been bracing for potential disruptions.
The market reaction reflects a cautious balance between relief and uncertainty.
While the waiver removes the immediate threat of a supply shock from Iran, the limited 60-day window means traders are unlikely to fully unwind the geopolitical risk premium embedded in energy prices.
The move suggests that while tensions are de-escalating, the underlying structural risks remain unresolved.
This development follows a period of heightened volatility in the energy sector, driven by separate supply-side concerns elsewhere.