Ahead of US-Iran talks this weekend, oil prices are up but still below $100 per barrel.

Oil Rises Ahead of US-Iran Talks but Stays Below $100

Oil prices edged higher ahead of US-Iran talks this weekend but remained below $100 a barrel. Emmanuel Belostrino, head of global crude and geopolitical market data at Kpler, said: "The outcome of the negotiations—especially whether a viable shipping agreement is reached—will be a key variable in determining whether the current backlog can begin to ease."

In early European trading, both WTI and Brent crude extended gains, trading at $99.70 and $97.60 per barrel, respectively. Traffic through the Strait of Hormuz remains largely frozen, keeping markets on edge due to supply disruptions. An Iranian attack on Saudi Arabia's main export route—the East-West Pipeline—has already reduced its capacity by about 700,000 barrels per day.