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Core Viewpoint - Oil prices have experienced significant fluctuations due to geopolitical factors, particularly the ongoing negotiations between the US and Iran, which are expected to provide guidance on market sentiment [4][5][15]. Oil Market Dynamics - On Thursday, oil prices fell, with WTI crude oil futures closing at $63.29 per barrel, down $1.85 or 2.84%, and Brent crude oil futures at $67.55 per barrel, down $1.91 or 2.75% [6][17]. - The market is currently facing a complex situation with high volatility, influenced by geopolitical tensions and a recent downturn in financial markets, which has affected investor sentiment [4][15]. - The US labor market is showing signs of weakness, with initial jobless claims rising by 22,000 to 231,000, exceeding market expectations [8][19]. Geopolitical Factors - The US-Iran nuclear negotiations are set to take place in Muscat, Oman, which has led to cautious market behavior as investors await the outcome [4][15]. - There is a notable lack of trust between the US and Iran, which has contributed to the volatility in oil prices as market assessments change [5][16]. Supply and Demand Trends - Saudi Arabia has reduced the price of its crude oil sold to Asia to the lowest level in years, indicating an oversupply in the global oil market [8][19]. - The price cut of 30 cents per barrel for Arab Light crude reflects a supply surplus, as it aligns with the March benchmark price in the region [19]. Market Sentiment and Future Outlook - Investors are advised to prepare for potential volatility in the oil market following the US-Iran negotiations, with the possibility of a rapid price increase if talks fail [5][16]. - Conversely, if negotiations proceed positively, there is a significant chance that oil prices may enter a downward trend dominated by oversupply [5][16].