Crude oil futures rise on hopes of US-Iran talks despite inventory build

Crude oil futures traded higher on Thursday morning as markets pinned their hopes on the outcome of the third round of talks between the US and Iran in Geneva later in the day, despite an increase in crude oil inventories in the US.

At 9.55 am on Thursday, May Brent oil futures were at $70.88, up by 0.27 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $65.57 up by 0.23 per cent. March crude oil futures were trading at ₹5978 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5989, down by 0.18 per cent, and April futures were trading at ₹5991 against the previous close of ₹6000, down by 0.15 per cent.

The US and Iran will hold a third round of talks on Iran’s nuclear programme in Geneva on Thursday. The US-Iran talks are being mediated by Oman. The US envoy Steve Witkoff and Jared Kushner will represent the US delegation in talks with Iran.

Meanwhile, the latest weekly petroleum status data released by the US EIA (Energy Information Administration) showed an increase in US crude oil inventories.

According to the EIA, US commercial crude oil inventories increased by 16 million barrels for the week ending February 20. Total motor gasoline inventories decreased by 1 million barrels from last week, and distillate fuel inventories increased by 0.3 million barrels last week.

Total products supplied in the US over the last four-week period averaged 21.4 million barrels a day. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, and distillate fuel product supplied averaged 4.4 million barrels a day. Jet fuel product supplied was up 3.2 per cent compared with the same four-week period last year.

March natural gas futures were trading at ₹261.50 on MCX during the initial hour of trading on Thursday against the previous close of ₹264.50, down by 1.13 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), March guar gum contracts were trading at ₹9,981 in the initial hour of trading on Thursday against the previous close of ₹9,936, up by 0.45 per cent.

April dhaniya futures were trading at ₹11,728 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹11,864, down by 1.15 per cent.

Published on February 26, 2026