Oil Prices Climb As US-Iran Talks End Without Deal

(RTTNews) - Oil prices edged higher on Friday after diplomatic efforts between the United States and Iran aimed at easing tensions over Tehran's nuclear program concluded on Thursday without an agreement.

Benchmark Brent crude futures jumped 0.9 percent to $71.44 a barrel while WTI crude futures were up nearly 1 percent at $65.86.

Following meetings in Switzerland, an Omani mediator involved in the negotiations said the talks led to understanding on some issues and that the next round of talks will take place next week in Vienna.

The stakes have never been higher, but traders waited to see if a diplomatic breakthrough can avert a potential military conflict in the Middle East.

According to the Wall Street Journal, Iran rejected major U.S. proposals, including transferring enriched uranium abroad, halting enrichment, and dismantling certain nuclear sites.

Elsewhere, Pakistan has declared an open war against Afghanistan, launching Operation Ghazab Lil Haq with extensive airstrikes against Taliban targets in Kabul, Kandahar and Paktia amid fierce border clashes.

Meanwhile, Venezuela's oil ministry has suspended 19 oil production-sharing contracts with private companies signed under the administration of ?President Nicolas Maduro, Reuters reported citing sources with knowledge of the move.

It was said the suspension has had no impact on the country's oil and gas output so far.