Global oil prices edged lower on Friday as fresh diplomatic engagement between the United States and Iran helped calm fears of supply disruptions, while traders also looked ahead to a key production decision by OPEC+.
Brent crude slipped to 70.70 dollars per barrel, while U.S. West Texas Intermediate traded at 65.20 dollars in early deals. Both benchmarks are now on course for weekly losses after giving up gains recorded earlier in the week when concerns briefly resurfaced over stalled negotiations.
The renewed talks, held in Geneva, focused on resolving the long-running nuclear dispute between Washington and Tehran. Optimism grew after Sayyid Badr Albusaidi confirmed that both sides made progress and agreed to continue technical discussions in Vienna.
The easing of tension reduced immediate fears of conflict that could disrupt crude flows from the Middle East.
The News Chronicle understands that market sentiment also remains tied to expectations that OPEC and its allies may approve a modest output increase at their upcoming meeting, a move that could further temper prices if implemented.
For Nigeria, the dip comes even as Bonny Light trades above the Federal Government’s 2026 benchmark of 64.85 dollars per barrel.
With production still below quota and new investments planned in upstream assets and refining capacity, global price direction will remain critical to the country’s fiscal projections in the months ahead.
