Oil prices remained largely unchanged in Asian trading Thursday as markets braced for the third round of U.S.-Iran nuclear talks, a pivotal event for near-term price trajectory. As of 22:42 ET, April Brent crude edged up 0.3% to $71.03 per barrel, while West Texas Intermediate gained 0.2% to $65.55 per barrel.

U.S. special envoy Steve Witkoff and Jared Kushner are scheduled to meet Iranian officials in Geneva later Thursday, as Washington pushes to reach an agreement over Tehran's nuclear and ballistic missile programs. Iranian Foreign Minister Abbas Araqchi has signaled that a diplomatic resolution remains within reach if both sides commit to constructive engagement. President Donald Trump has warned that "bad things" could happen if meaningful progress is not achieved.

On the supply side, the U.S. Energy Information Administration reported an unexpected 16 million barrel surge in commercial crude inventories for the week ended Feb. 20, far exceeding market expectations and marking the largest weekly increase in roughly three years. At the same time, gasoline inventories fell by about 1 million barrels, while distillate stocks rose modestly. Refinery runs declined, adding to the headline inventory build. ING analysts noted that a constructive resolution would likely prompt the market to gradually unwind as much as a $10/bbl risk premium currently priced in.