Oil prices climbed on Tuesday as US President Donald Trump escalated threats toward Iran while the two countries met in Geneva for talks over Tehran’s nuclear programme. West Texas Intermediate rose 1.5 percent to $63.80 per barrel, and Brent North Sea Crude edged up to $68.71 per barrel.
Analysts note that speculation over Iran potentially diluting its most highly enriched uranium in exce for a full lifting of US financial sanctions is driving market sentiment. However, it remains unclear if such an agreement would be sufficient to finalize a deal.
Trump has repeatedly warned of potential military intervention over Iran’s nuclear programme and its recent crackdown on protesters, while Tehran insists that lifting sanctions is a key part of any agreement.
Elsewhere, European stocks showed minor gains as Tokyo markets closed lower and Chinese markets remained shut for Lunar New Year. Wall Street reopened after a US public holiday, with futures trading lower amid ongoing AI-related concerns impacting sectors like insurance, real estate, and logistics.
In foreign exce, the US dollar strengthened against the British pound following UK unemployment data rising to a five-year high of 5.2 percent, increasing expectations for a Bank of England interest rate cut. The dollar was also higher versus the euro but slightly lower against the yen.
Key market figures around 1115 GMT:
West Texas Intermediate: UP 1.5 percent at $63.80 per barrel
Brent North Sea Crude: UP 0.1 percent at $68.71 per barrel
FTSE 100: UP 0.1 percent at 10,485.95 points
CAC 40: DOWN 0.1 percent at 8,307.03
DAX: UP 0.1 percent at 24,817.54
Nikkei 225: DOWN 0.4 percent at 56,566.49
Euro/dollar: DOWN at $1.1844
Pound/dollar: DOWN at $1.3594
Dollar/yen: DOWN at 153.01 yen
Euro/pound: UP at 87.12 pence
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