HOUSTON: Oil prices settled lower after a choppy session on Thursday as investors tracked developments in talks between the United States and Iran over the Opec member's nuclear programme, weighing potential supply concerns if hostilities escalate. The United States and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after US President Donald Trump ordered a military build-up in the region. Iranian Foreign Minister Abbas Araqchi described Thursday's talks as the most serious exchanges with the United States yet, saying Iran clearly laid out its demand for lifting sanctions and the process for relief. Oman Foreign Minister Sayyid Badr Albusaidi earlier said significant progress was made in Thursday's talks. "The crude selloff is simply the market removing a geopolitical risk premium," Shohruh Zukhritdinov, a Dubai-based oil trader said.

Source: The Star February 27, 2026 00:04 UTC