(RTTNews) - Oil prices hovered near seven-month highs on Thursday as the third round of nuclear negotiations between the United States and Iran kicked off in Geneva against a backdrop of continued mistrust.
Benchmark Brent crude futures edged up by 0.1 percent to $70.78 a barrel while WTI crude futures were little changed at $65.45.
Ahead of the meeting, the U.S. imposed sanctions on more than 30 individuals, companies and vessels linked to Tehran's oil trade.
U.S. Secretary of State Marco Rubio said Iran possessed a very large number of ballistic missiles that threaten U.S. interests in the region and it was trying to develop weapons that can reach the continental United States.
Vice President JD Vance said Tehran should take Washington's threats of military action seriously.
"The principle is very simple: Iran can't have a nuclear weapon. If they try to rebuild a nuclear weapon, that causes problems for us," he told reporters at the White House.
Investors remain concerned over a potential military confrontation in the region that risks supply disruptions.
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