Oil prices rise amid Iran developments

Oil drilling rigs

Oil prices rose in trading today, Feb. 24, as traders awaited the outcome of nuclear talks between the US and Iran, and amid uncertainty over US trade policy.

Brent crude was trading up 0.73% at $72.01 a barrel, at 09:02 am Makkah time. West Texas Intermediate (WTI) rose 0.77% to $66.82 a barrel.

US President Donald Trump warned countries against backing out of recently negotiated trade agreements with the US following the Supreme Court ruling, warning of much higher tariffs under other trade laws.

Regarding the Iranian issue, Trump stated that he prefers a diplomatic solution, but warned of dire consequences if no agreement is reached. He denied reports that the Pentagon fears the difficulty of launching a prolonged military campaign.