By Alex Kozul-Wright

Benchmark oil prices fell Thursday as Oman's foreign minister described ongoing talks between the U.S. and Iran as positive.

Brent crude futures were down 1.3% to $69.80 per barrel. Meanwhile, West Texas Intermediate futures slid by almost 2% to $64.20.

Energy stocks were also falling. Chevron and Exxon Mobil were each down 0.2%, while exploration and production company ConocoPhillips fell 0.5%.

Diplomatic talks, mediated by Oman, were aimed at diffusing tensions between Washington and Tehran over the Islamic Republic's nuclear program.

U.S. negotiators have pushed for Iran to dismantle several nuclear sites and transfer its remaining enriched uranium out of the country, the Wall Street Journal reported, citing officials.

In any event, diplomatic momentum appears to have tempered fears of an oil supply shock in the Middle East, lowering the geopolitical risk premium embedded in crude benchmarks.

"We've been exchanging creative and positive ideas in Geneva today, and now both US and Iranian negotiators have adjourned for a break," Oman's Foreign Minister Sayyid Badr Albusaidi said on X.

"We'll resume later today. We hope to make more progress," he added without giving details. Energy traders will be closely watching how negotiations progress.

Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com

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February 26, 2026 11:02 ET (16:02 GMT)

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