(RTTNews) – Oil prices rose to a seven-month high on Wednesday as traders assessed the risks of a potential military escalation in the Middle East ahead of nuclear talks between the United States and Iran this week.
Benchmark Brent crude futures rose half a percent to $70.92 a barrel, while WTI crude futures were up half a percent at $65.93.
Both contracts remained near their highest levels since early August ahead of a third round of bilateral talks in Geneva, Switzerland on Thursday.
Iranian Foreign Minister Abbas Araghchi has said that an agreement with the United States to stop the conflict is “within reach” and that the “historic opportunity to sign an unprecedented agreement” will depend on whether “diplomacy is given priority”.
While delivering his State of the Union address in Washington DC, US President Donald Trump said that he gives priority to diplomacy.
Trump said, “My priority is to solve this problem through diplomacy. But one thing is for sure, I will never allow the number one sponsor of terror in the world, which they are, to have nuclear weapons. I can’t let that happen.”
US envoys, including Special Representative Steve Witkoff and presidential adviser Jared Kushner, are due to meet Iranian counterparts on Thursday in a bid to force Iran to negotiate over ending its nuclear program.
The US has deployed military forces to the Middle East, showing that the risk of military action is very real.
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