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Oil Rallies as Iran Delays Nuclear Talks, Lebanon Ceasefire Frays
Iran delayed nuclear talks with the U.S. as the Lebanon ceasefire frayed. WTI tested $77, Brent hit $81.50. The Strait of Hormuz is open, but the risk premium is back.
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Oil prices pushed higher on Friday as Iran delayed nuclear negotiations with the U.S. and a fragile ceasefire between Israel and Hezbollah showed cracks. WTI crude climbed above $77, while Brent tested resistance near $81.50.
The delay in nuclear talks came after fresh exchanges between Israel and Hezbollah in Lebanon. Iran wants Israel to stop operations against Hezbollah. Israel says it has the right to defend itself. The U.S. designated Hezbollah a Foreign Terrorist Organization but has pressed Israel to maintain the ceasefire, according to reports. Both sides blamed each other for the latest attacks.
Iran has not said when it might return to the negotiating table. The country may wait to see how the situation in Lebanon develops before committing to a new date.
The oil price path
WTI crude is now testing the $77 level. A sustained move above that opens a run at the psychologically important $80 mark, then resistance at $81–$81.50. On the downside, a break below the $76.50–$77 support zone would expose the next floor at $70.50–$71.
Brent crude is attempting to clear resistance at $81–$81.50. A successful breakout would target $86–$86.50. The RSI has moved out of oversold territory, leaving room for further upside if catalysts align.