MW Jump in oil prices may be reflecting worry about Iran delays on nuclear deal, analyst says

By Barbara Kollmeyer

U.S. on Friday urges nonemergency government workers to leave Israel

The State Department on Friday urged nonemergency U.S. workers to leave Israel after talks on Tehran's nuclear program ended Thursday without a deal.

Oil prices were climbing on Friday amid rising concerns the U.S. is running out of patience after a deal to end Tehran's nuclear ambitions didn't materialize this week.

The Oman-mediated talks between the U.S. and Iran in Geneva ended on Thursday with "significant progress," Badr Albusaidi, Oman's foreign minister, said in a post on X Thursday. He said talks would resume after "consultation in the respective capitals," with the two sides holding "technical level" discussions next week in Vienna.

That left prices slightly lower on Thursday, but Friday marked a change as April West Texas Intermediate crude (CLJ26) (CL.1) prices jumped 3% to $67.17 a barrel, which would mark the first daily increase in a week. The contract is set to gain just over 1% for the week and 3% for the month of February.

April Brent crude (BRNJ26) was up 3% to $72.80 a barrel, with the contract set to gain 1.6% for the week and 4.3% for the month.

"Talks are extending into another week, but ironically, the longer they go on, the higher oil prices seem to go. This is because the markets are sensing that the Iranians could be stringing [President Donald] Trump along and at one point, Mr. Trump may lose his patience and tell his negotiators to come home," Edward Meir, an analyst at Marex, said in emailed comments.

"At the end of the day, it should not take weeks and weeks to come to an agreement and the markets are getting nervous waiting," Meir added.

Read: U.S.-Iran nuclear talks end, but with hope that negotiations continue. That still leaves the oil market in limbo.

Congressional Democrats are expected to vote on a war powers resolution linked to Iran next week, in a bid to try to prevent Trump from taking military action against Iran without getting the prior approval of Congress.

Friday saw the U.S. State Department authorize nonemergency U.S. government personnel and their family members to leave Israel "due to safety risks," which weren't specified. The order also warned of potential restrictions on travel to areas of Israel, the Old City of Jerusalem and the West Bank, while suggesting "persons may wish to consider leaving Israel while commercial flights are available."

Trump has said the U.S. military has assembled an armada of warships and fighter jets near Iran.

David Morrison, senior market analyst at Trade Nation, said markets are also focused on the meeting of the Organization of the Petroleum Exporting Countries and its allies on Sunday. There has been speculation that members may resume production increases starting in April, he said, after the group decided to leave output quotas unchanged for the first quarter of 2026.

"While OPEC+ estimates that supply and demand will be in balance throughout this year, the International Energy Agency maintains its forecast of an oversupply of 3.7 million barrels per day throughout 2026," Morrison said in a note to clients.

-Barbara Kollmeyer

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February 27, 2026 10:07 ET (15:07 GMT)

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