Crude oil prices moved sharply higher earlier on Thursday but have given back ground over the course of the trading session.
After surging by as much as $1.29 or 2 percent to $66.71 a barrel, crude for April delivery was last seen trading down by $0.11 or 0.2 percent at $65.31 barrel.
The sharp pullback by the price of crude oil came after Oman's Foreign Minister Badr Albusaidi said in a post on X that "significant progress" was made in the third round of nuclear negotiations between the U.S. and Iran.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.