Oil prices soar on Iran nuclear deal deadline concerns
Oil prices shot up 3.0% for Brent and 3.5% for US oil this Friday, with Brent crude hitting $72.88 a barrel and US oil reaching $67.52—the highest since last year.
The reason? Traders remained on alert for potential supply disruptions after ongoing nuclear talks between the US and Iran.
US-Iran talks and Saudi production boost
Negotiations in Geneva are making oil markets jittery, especially with President Trump setting an early March deadline and saying Iran must make a deal "within 10 to 15 days or 'really bad things' will happen."
Meanwhile, two sources familiar with the plans told Reuters that Saudi Arabia will boost production, and OPEC+ is eyeing a 137,000 barrel-per-day increase at their March 1 meeting to help stabilize things.
All this tension has added an extra $8-$10 per barrel just because of risk—so yeah, global politics are definitely hitting your wallet at the pump.