Oil prices rise as Iran conducts naval drills ahead of fresh US talks
Oil edged higher as traders monitored geopolitical risks before talks between the US and Iran that are expected to resume on Tuesday.
Brent traded above $68 a barrel after its first back-to-back weekly drop this year, while West Texas Intermediate neared $64. Iran’s Revolutionary Guard are conducting naval drills in the “region of” the Strait of Hormuz, the vital waterway that ships about a fifth of the world’s barrels, according to the nation’s semi-official Tasnim news agency.
