Muscat: Oil prices slightly rose today as markets await US-China talks, while traders remain focused on the crisis of the Iran war. Brent crude futures were up 13 cents, or 0.12%, to $105.76 a barrel, while US West Texas Intermediate futures rose 12 cents, or 0.12%, to $101.14. Both benchmark oil futures contracts fell on Wednesday as investors worried about possible US interest rate hikes. Brent crude futures fell more than $2 a barrel, while US crude futures fell more than $1.

According to Oman News Agency, the recent fluctuations in oil prices are largely influenced by the anticipation of upcoming negotiations between the US and China. Traders are closely monitoring these talks amid the ongoing crisis related to the Iran war, which has added a layer of complexity to the global oil market dynamics.

The concern over potential US interest rate hikes has also contributed to the volatility in the oil market. The possibility of increased borrowing costs has led investors to exercise caution, resulting in a decline in oil prices earlier in the week. Despite the recent rise, the market remains sensitive to geopolitical and economic developments that could impact supply and demand dynamics.

Market analysts are keeping a close watch on the geopolitical landscape, as any significant developments in the US-China relations or the situation in Iran could have immediate effects on oil prices. The interplay of these factors continues to drive the market's cautious approach, as stakeholders seek to navigate the uncertainties in the global oil market.