[MARKET ANALYSIS] Early pressure seen in WTI and Brent as US-Iran talks in Geneva commences

Crude benchmarks are trading slightly lower thus far in the early European session, with key focus on the US-Iran discussions in Geneva today. As talks proceed, WTI and Brent saw downside pressure, though updates remains thin so far. However, an Iranian spokesperson did highlight that the Iranian team has a reasonable amount of flexibility in their discussion with the US. Overall, apprehension about a positive outcome is thin, as evidently illustrated yesterday, with OPEC+ members expected to increase oil output to 137k bpd in April over concerns about the geopolitical risk between both countries.
Other key updates on the US-Iran situation include an overnight report by Politico, that White House Officials argue that it would be best if Israel made the first move regarding striking Iran. US VP Vance also stated that they see evidence that Iran is trying to build a nuclear weapon. At the time of writing, WTI and Brent are trading in the lower end of USD 64.95-65.85/bbl and USD 70.29-71.06/bbl, ranges respectively.