Oil rises past $72 as US-Iran talks fuel supply relief bets

Still, the rally was cautious. No direct talks have been scheduled, and previous rounds of optimism have faded without a breakthrough. Traders said the move was more about positioning than a fundamental shift in supply expectations. Brent had slipped below $70 earlier in the week on demand concerns, and the bounce back above $72 was driven by short-covering as much as new buying.

The next concrete marker is the resumption of formal negotiations. Until then, the supply-overhang narrative that pushed crude lower remains intact. For a broader view of the factors driving crude prices, the crude oil profile tracks the key supply, demand, and geopolitical variables.