Oil prices hover near seven-month highs ahead of US-Iran talks

Oil prices were hovering near seven-month highs on Wednesday as the threat of military conflict between the US and Iran that could disrupt supply continues to worry investors even as talks between the parties are set for Thursday. Brent futures were trading at $71.22 per barrel, up 45 cents, or 0.64%, at 0140 GMT. WTI futures rose 0.64%, or 42 cents, to $66.05. Brent prices reached their highest since July 31 on Friday, while WTI hit its highest since August 4 on Monday, and both contracts have held near there as the U.S. has positioned military forces in the Middle East to compel Iran to negotiate an end to its nuclear and ballistic missile programme. An extended conflict could disrupt supplies from Iran, the third-biggest crude producer in the Organization of the Petroleum Exporting Countries, and other countries in the key Middle East producing region. U.S. envoys Steve Witkoff and Jared Kushner are slated to meet with an Iranian delegation for a third round of talks on Thursday in Geneva. Iran’s Foreign Minister Abbas Araqchi said on Tuesday that a deal with the U.S. was “within reach, but only if diplomacy is given priority”.