Oil prices edge higher on Thursday 

Oil prices inched up on Thursday as markets weighed whether ongoing US-Iran negotiations could prevent a military conflict that threatens Middle East supply. Brent futures rose 17 cents to $71.02 per barrel, while WTI added 12 cents to $65.54 per barrel.

Investors are closely watching a third round of talks in Geneva between US envoys Steve Witkoff and Jared Kushner and an Iranian delegation. Analysts say a constructive outcome could ease the $10-per-barrel risk premium currently factored into the market, while a limited conflict might push WTI temporarily above $70 before easing back.

Saudi Arabia is boosting oil production and exports as a precaution against potential supply disruptions, and OPEC+ is reportedly considering a 137,000 barrels-per-day output increase for April ahead of peak summer demand.

US crude inventories, however, rose by 16 million barrels last week—the largest increase in three years—capping price gains.

Attribution: Reuters