Oil prices rose about 3% on Friday, February 27, 2026, as traders remained on alert for potential supply disruptions after the United States and Iran extended nuclear talks.
Brent crude futures advanced by $2.09, or around 3%, to $72.84 a barrel by 1422 GMT, while U.S. West Texas Intermediate crude was up $2.33, or around 3.6%, at $67.54.
The Brent and WTI benchmarks were trading at their highest since July and August respectively and poised to register weekly gains of 1.6% and 1.7%.
An oil analyst at brokerage PVM, Tamas Varga, said: “Uncertainty prevails, fear is pushing prices higher today.
“It is completely driven by the outcome of the Iranian nuclear talks and possible military action the U.S. might take against Iran.”
The United States and Iran held indirect talks in Geneva on Thursday after U.S. President Donald Trump ordered a military buildup in the region.
Oil prices gained more than a dollar a barrel during the talks on media reports indicating that discussions had stalled over U.S. insistence on zero enrichment of uranium by Iran.
However, prices eased after the Omani mediator said the two sides had made progress in the talks.
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