Oil benchmarks reversed earlier declines on Friday, with market sentiment shifting after a delay in planned U.S.-Iran talks cooled expectations of an immediate ceasefire. Prices responded as negotiations intended to establish a truce between the two nations were postponed.
Brent crude for August delivery advanced 0.41% to $80.18 per barrel, while July contracts for U.S. West Texas Intermediate gained 1.58%, closing at $77.81 per barrel. Both benchmarks rebounded after initial losses earlier in the session.
The Swiss Ministry of Foreign Affairs confirmed that discussions scheduled between the United States and Iran at Bürgenstock on Friday were deferred. Previously, the White House had indicated that Vice President JD Vance would no longer be traveling to Switzerland to meet with Iranian representatives, citing unresolved logistical matters affecting the start of talks aimed at finalizing a conflict resolution agreement previously established by Washington and Tehran.
Elsewhere, tensions remained high in southern Lebanon, where the National News Agency reported that a series of Israeli airstrikes and shelling resulted in at least 16 fatalities and numerous injuries or missing persons across the Nabatieh district, Lebanon.
According to the agency, the overnight attack marked one of the region’s most intense bombardments, targeting several homes after midnight. This is after the MOU signing between the U.S. and Iran that indicates a ceasefire on all fronts, including Lebanon.
