Amman – Oil prices rose at settlement today, Friday, amid increasing investor concern about the lack of sufficient progress in the talks between representatives of Iran and the United States to avoid military action.

Brent crude futures rose 50 cents, or 0.74 percent, to $68.05 per barrel. US West Texas Intermediate crude rose 26 cents, or 0.41 percent, to $63.55 a barrel.

“We are seeing constant fluctuations about the situation in Iran,” said John Kilduff, partner at Again Capital. “It gets better one day, or even one hour, and then it gets worse the next day. He is concerned about the status quo with regard to Iran.”

Iranian state television reported in the afternoon that the talks had concluded. Iranian Foreign Minister Abbas Araqchi said that the two negotiating teams will return to their countries for consultations, and that the talks will resume.

Before the start of the talks, the lack of consensus on the meeting’s agenda raised investors’ concerns about geopolitical risks, as Iran wanted the talks to be limited to the nuclear file, while the United States wanted to discuss Iran’s ballistic missile system and its provision of support to armed groups in the region.

Any escalation of tension between the two countries could disrupt the flow of oil, as about a fifth of total global consumption passes through the Strait of Hormuz between the Sultanate of Oman and Iran.

Saudi Arabia, the UAE, Kuwait and Iraq export most of their crude oil through the Strait, as does OPEC member Iran.

If the talks reduce the potential for conflict in the region, oil prices could fall further.

Analysts said that prices fell on a weekly basis due to a wide wave of selling in the markets and continued expectations of a surplus supply.

Yesterday, Thursday, Saudi Arabia reduced the official selling price of its Arab Light crude to Asia for the month of March to its lowest level in nearly five years, in the fourth monthly reduction in a row.

Reuters