Europe Asia News

In Asian trading, U.S. West Texas Intermediate crude fell 1.4% to $64.26 a barrel, while global benchmark Brent crude slipped 1.4% to $68.49 a barrel.

Iran wants the talks to focus on its long-running nuclear dispute with Western powers, while the United States is seeking to broaden the agenda to include Tehran’s ballistic missile program, its alleged support for armed groups in the Middle East, and its human rights record.

U.S. President Donald Trump said on Wednesday that Iran’s Supreme Leader Ayatollah Ali Khamenei “should be very worried,” sending oil prices up by nearly 3%.

Trump said last month he could order an attack on Iran if no deal is reached over its nuclear program, and also threatened intervention to support protesters inside Iran.

Analysts warned that markets may overinterpret diplomatic signals that could quickly reverse. According to the U.S. Energy Information Administration, the Strait of Hormuz between Oman and Iran is a vital chokepoint through which about one-fifth of global oil production flows daily.

Citi analysts cautioned that upside pressures remain, saying: “Crude oil prices have calmed on discussions around upcoming U.S.-Iran negotiations that have eased immediate risk premia, but both market participants and we remain concerned about upside risks.”

Citi added that U.S. actions toward Iran and uncertainty over India’s purchases of Russian oil remain key factors, noting that market positioning continues to reflect supply concerns.