Oil prices rise amid fresh geopolitical developments

Oil drilling rigs

Oil prices rose during trading today, Feb. 18, after negotiators from Ukraine and Russia concluded the first day of US-sponsored peace talks in Geneva on Feb. 17, and President Donald Trump urged Kyiv to quickly reach an agreement to end the four-year-long conflict.

Brent crude was trading up 0.15% at $67.50 a barrel, at 09:12 am Makkah time. West Texas Intermediate (WTI) rose 0.1% to $62.38 a barrel.

Iran and the US reached an understanding on "guiding principles" in talks aimed at resolving their nuclear dispute on Feb. 17, but Iranian Foreign Minister Abbas Araghchi lowered immediate expectations, stressing that this does not mean that an agreement is imminent, Reuters reported.

The American Petroleum Institute's report on US crude oil inventories is expected to be released early Feb. 19 morning, ahead of the official data release from the US Energy Information Administration.