Oil Prices Steady as Traders Balance Diplomatic Progress With Physical Shortages

Oil prices were flat in early Asian trade on Thursday as tentative signs of diplomatic progress between Washington and Tehran were offset by the continued and intensifying supply tightness. At the time of writing, WTI was trading at $91.38, up just 0.1%, while Brent was up 0.04% at $94.97. Oil prices remain significantly lower than where they had started the week after negotiations fell apart over the weekend. Now, optimism around a potential peace deal appears to be growing, with the White House describing recent negotiations as “productive”…