United States Brent Oil Fund LP (NYSE:BNO) is climbing on Wednesday as crude prices push higher, driven by reports that planned nuclear talks between the U.S. and Iran are on the verge of falling apart.
- United States Brent Oil Fund, LP ETV stock is showing upward movement. Why is BNO stock trading higher?
Talks Falter After Dispute Over Venue and Format
Negotiations scheduled for Friday now appear to be collapsing after the U.S. rejected Iran’s request to change both the location and format of the meeting, Reuters wrote.
According to Axios, which cited two U.S. officials, Washington told Tehran it would not move the talks from Turkey to Oman. “We told them it’s this or nothing, and they said, ‘Okay, then nothing,'” one senior U.S. official said.
U.S. Secretary of State Marco Rubio said any meaningful discussion must address not only Iran’s nuclear program but also its ballistic missiles, its support for regional groups and its treatment of its own citizens. An Iranian official pushed back, insisting the talks would focus solely on the nuclear issue and that Iran’s missile program was “off the table.”
Iran reportedly pushed for Oman as the venue to continue the pattern of previous Gulf‑based negotiations and to avoid widening the agenda to include missiles or regional activities.
Despite the apparent collapse, a recent post on X from Seyed Abbas Araghchi said that nuclear talks with the United States are scheduled to take place in Muscat, Oman at around 10 a.m. on Friday.
Rising Geopolitical Tensions Add Pressure To Oil Markets
The rift comes as President Donald Trump has threatened military action and sent additional naval forces to the Gulf. He warned that “bad things” could happen if no agreement is reached. According to several current and former Iranian officials, Tehran’s leadership fears a U.S. strike could destabilize its hold on power by reigniting public unrest.
Tensions escalated further this week when the U.S. military shot down an Iranian drone that approached the USS Abraham Lincoln in the Arabian Sea. In a separate incident in the Strait of Hormuz, Iran’s Islamic Revolutionary Guard Corps sped toward a U.S.-flagged tanker and threatened to board it.
Oil prices seem to be rising on concerns that the collapse of diplomacy could lead to renewed sanctions on Iran or even military confrontation in the region.
Technical Picture Shows Strong Momentum for BNO
BNO is trading 7.7% above its 20-day simple moving average (SMA) and 11.4% above its 100-day SMA, showcasing a strong short-term trend. Over the past 12 months, shares have increased by 5.20% and are currently positioned closer to their 52-week highs than lows, indicating a bullish long-term outlook.
The RSI is at 62.00, which is considered neutral territory, while the MACD is above its signal line, indicating bullish momentum. This combination suggests that while the stock is not overbought, it retains positive momentum that could support further gains.
The technical indicators point to a favorable setup, with the stock showing strength above key moving averages. Traders should watch for potential tests of support and resistance levels as the stock approaches these critical thresholds.
- Key Resistance: $33.00
- Key Support: $28.00
BNO Price Action: United States Brent Oil Fund shares were up 0.84% at $32.39 at the time of publication on Wednesday. The stock is approaching its 52-week high of $33.33, according to Benzinga Pro.
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