Global oil prices rose on Friday after planned peace talks between the United States and Iran were postponed, reviving uncertainty over the outlook for Middle East crude supplies.
As at the time of writing of 7:45 a.m. (WAT), Brent crude traded at $80.37 per barrel, up 0.65%, while West Texas Intermediate (WTI) gained 0.80% to $76.46 per barrel.
The recovery follows several days of losses that pushed Brent below the $80-per-barrel mark amid expectations that a ceasefire agreement could ease disruptions to oil exports from the Persian Gulf and support the reopening of key shipping routes.
According to Oilprice.com, market sentiment shifted after Switzerland confirmed that scheduled U.S.-Iran peace talks had been postponed. The development came after reports that U.S. Vice President J.D. Vance cancelled his planned attendance, while military operations continued across parts of the Middle East.
The Israeli military said it carried out overnight strikes on Hezbollah targets in southern Lebanon, raising fresh concerns that regional tensions could complicate diplomatic efforts aimed at restoring stability to global energy markets.
The rebound in crude prices highlights the market's continued sensitivity to developments around the Strait of Hormuz, one of the world's most important oil transit corridors. Although tanker movements have gradually resumed, traders remain cautious about how quickly oil flows can return to normal levels.
Analysts say any prolonged delay in negotiations could keep a geopolitical risk premium embedded in crude prices. For now, the market remains focused on the timing of the next round of talks and whether diplomatic progress can outweigh ongoing security concerns in the region.