Crude oil prices moved higher on Friday as traders reacted to emerging optimism surrounding US-Iran peace negotiations.
The modest rally marks a shift in market sentiment, with investors weighing the potential for de-escalation against the backdrop of increased global supply and ongoing geopolitical uncertainty.
Brent crude futures edged up in early trading, gaining 17 cents to trade at $72.
Brent crude futures edged up in early trading, gaining 17 cents to trade at $72.10 a barrel.
The advance, while small, signals a tentative easing of the risk premium that has weighed on energy markets amid fears of supply disruption.
Contracts are now trading near pre-conflict levels, suggesting that the immediate threat of a major supply shock is being downgraded by participants.
The price movement comes as market participants closely monitor developments in the US-Iran talks.