Oil prices extend gains, rise 2%

Oil drilling rigs

Oil prices rose on Friday after the US and Iran agreed to hold further discussions next week, following a round of talks on Feb. 26.

Iran said the latest negotiations in Geneva showed good progress, while a source familiar with the U.S. position told Bloomberg that American officials left the meeting disappointed. Both sides agreed to meet again in Vienna next week.

April Brent crude futures — expiring today, Feb. 27 — rose 1.98%, or $1.40, to $72.15 a barrel as of 2:17 pm KSA time. The more active May contract gained 1.9% to $72.19.

April US crude futures advanced 2.21%, or $1.44, to $66.65 a barrel, though they remain on track for a weekly loss.

Markets are also closely watching the OPEC+ alliance meeting scheduled for Sunday to decide April production policy.