'Fear is pushing up prices': oil is at highs since summer

Prices for Brent and WTI Mark crude oil in trading on February 27 reached highs since July and August, respectively, Reuters noted. There is "continued uncertainty" in the negotiations between the US and Iran over the nuclear deal, says Tamas Varga, an oil analyst at brokerage PVM: "Fear is pushing prices up today," he notes.

Brent crude oil Mark at the trading on February 27 at the moment rose by more than $3 to $73.5 per barrel, adding 3.8% at the intraday maximum. WTI, meanwhile, is up 3.6% at $67.55 per barrel. Before that, Brent and WTI oil traded at such levels in July and August last year.

For the week, Reuters notes, Brent and WTI are nearing gains of 1.6% and 1.7% respectively.

That's how markets reacted to the US-Iran talks that ended in Geneva after US President Donald Trump ordered a military buildup in the Middle East.

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