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Brent Trades Up to $71.94/bbl

US–Iran talks extend; Croatia offers pipeline oil; Venezuela suspends 19 deals; Pakistan declares open war on Afghanistan.
Published: February 27, 2026
Written by:
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
Reviewed by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
4 page report
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The May’26 Brent futures contract traded up this morning, from $70.45/bbl at 03:00 GMT to $71.94/bbl at 10:00 GMT (time of writing).

In the news, the US and Iran have extended their nuclear talks into next week. Iran's Foreign Affairs Minister Abbas Araghchi said that “good progress” had been made, though disagreements on other issues remained. Badr Albusaidi, the mediator of the talks, stated that the two nations planned to resume the negotiations “soon.” There has been no official statement from the US yet. Elsewhere, Croatian Prime Minister Andrej Plenkovic has stated that Croatia can supply oil to Hungary and Slovakia via its Adriatic pipeline to compensate for disruptions to the Druzhba pipeline; the nation is currently negotiating this plan with the two countries and the European Commission. In Venezuela, the government has suspended 19 production-sharing agreements with private oil companies; the deals are reportedly for projects in Lake Maracaibo, the Orinoco Belt, and other fields. The companies reportedly include Chinese, US, South American, and Venezuelan players. According to Reuters sources, the suspensions have had no effect on the Latin American nation’s oil output. In other geopolitical news, Pakistan has declared 'open war' with Afghanistan shortly after Taliban attacks. Official statements from the nations are expected soon. Finally, at the time of writing, the May/June and May/Nov spreads are at $0.48/bbl and $3.40/bbl, respectively.

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