Oil is trying to stabilize after Tuesday’s near 2% drop, with traders closely watching progress in U.S.–Iran nuclear talks.
🛢️ Brent is hovering around $67.65, while WTI sits near $62.50 — both near two-week lows.
Although Washington and Tehran agreed on broad “guiding principles,” officials signaled a final deal is still far off. That uncertainty is keeping a geopolitical risk premium in play, especially with some analysts flagging rising tensions into April.
On the supply side:
Kazakhstan’s Tengiz field is ramping output back toward full capacity.
U.S. crude inventories are expected to rise ~2.3M barrels, while gasoline and distillates may decline.
Peace talks between Russia and Ukraine are also in focus — any breakthrough (or setback) could quickly shift oil sentiment.
For now, the market looks technically oversold, but fundamentals remain headline-driven. Volatility likely continues.