Crude oil prices are up as much as 4% on Feb. 27 as the U.S. and Iran extend their nuclear talks into next week.
Oil markets remain on edge and alert for potential supply disruptions in the Middle East as both the U.S. and Iran talk tough in public as they continue to negotiate behind the scenes. ​
Brent crude ​oil, the international standard, is up 3% and trading at $72.98 U.S. a barrel. West Texas Intermediate (WTI) crude, the U.S. benchmark, is up 4% at $67.59 U.S. per barrel.
Analysts say uncertainty and fear are driving oil prices as the U.S. threatens military action against Iran and Iranian officials threaten a wider Middle East war if attacked.
Over the past week, Brent crude oil has risen 0.2% while WTI is set for a 0.1% decline.
Oil prices have jumped over the last 24 hours on reports that discussions between the U.S. and Iran have stalled. The two countries plan to resume negotiations next ‌week in Vienna, Austria.
Geopolitical ⁠risks have resulted in premiums of $8 U.S. to $10 U.S. a barrel in oil prices, say commodities analysts.
There are growing fears that a conflict will disrupt Middle East crude oil supplies through the Strait ​of Hormuz, where about 20% of ‌global oil supply passes.
To help cushion any impacts from a U.S. strike on Iran, Saudi Arabia has increased its oil production and exports, according to media reports.
