Oil prices up after U.S.-Iran talks; set for first weekly losses since December

 Oil prices ticked up on Friday, after reports citing Iran’s foreign minister said talks between the country and the U.S. had got off to a “good start.”

At 11:05 ET (16:05 GMT), Brent oil futures for April were up 1% to $68.15 a barrel and West Texas Intermediate crude futures rose 0.9% to $63.85 a barrel.

Notably, the crude benchmarks were on track for weekly declines of 3.4% and 2%, respectively, their first since mid-December 2025, as investors priced in a smaller risk premium, while also taking some profits after a big runup.

Araghchi says ’good start’ to U.S.-Iran talks

U.S. and Iranian officials met in Oman Friday morning amid heightened military tensions in the Middle East, after Washington deployed at least two naval fleets in the region.

Iran’s foreign minister Seyed Abbas Araghchi told local news outlets that talks had gotten off to a “positive and good start” and that further discussions would follow.

Markets are hoping that dialogue between Tehran and Washington will help deescalate some tensions and prevent a broader war – a notion that has seen traders taking some risk premium out of crude this week.

The U.S. and Iran were earlier seen disagreeing over the subject of Friday’s talks, with Iran rejecting U.S. calls to discuss its missile arsenal and stating that the discussions will only be limited to discussing Tehran’s nuclear ambitions.

Araghchi, speaking to Iran’s state news agency, reiterated that the talks focused “solely” on the nuclear issue.

Iran is a major producer of oil, and is located next to the Strait of Hormuz – one of the world’s most important shipping channels for crude.