Oil prices traded in a narrow range on Monday as investors closely monitored upcoming Iran-U.S. nuclear talks and weighed the potential impact on global crude supply. Concerns that escalating tensions between Washington and Tehran could disrupt oil flows helped support prices, while expectations that OPEC+ may resume output increases from April capped gains.
Brent crude futures slipped 3 cents to $67.72 per barrel by 0156 GMT after finishing 23 cents higher in the previous session. U.S. West Texas Intermediate (WTI) crude fell 3 cents to $62.86 per barrel. There was no WTI settlement on Monday due to a U.S. holiday. Last week, both oil benchmarks recorded declines, with Brent crude down roughly 0.5% and WTI losing about 1%, as renewed optimism over a potential diplomatic breakthrough pressured prices.
Market sentiment shifted after U.S. President Donald Trump suggested that Washington could reach a deal with Iran within the next month. The two countries recently resumed negotiations aimed at resolving their long-standing dispute over Iran’s nuclear program and avoiding further military escalation. A second round of talks is scheduled to take place in Geneva on Tuesday.
An Iranian diplomat indicated that Tehran is pursuing a nuclear agreement that could unlock economic benefits, including energy and mining investments and potential aircraft purchases. However, analysts remain cautious. IG market analyst Tony Sycamore noted that expectations for a swift agreement are low, warning that the current stability in crude oil prices may represent a temporary pause in volatility.
Meanwhile, geopolitical risks remain elevated. The United States has deployed a second aircraft carrier to the region, preparing for potential military action if negotiations fail. Iran’s Revolutionary Guards have warned of retaliation against U.S. military bases in the event of an attack.
At the same time, OPEC+ is reportedly leaning toward resuming oil output hikes from April after a three-month pause to meet anticipated peak summer demand. Analysts suggest that without the geopolitical risk premium tied to Iran-U.S. tensions, WTI crude could be trading below $60 per barrel. Global trading activity is expected to remain subdued due to public holidays in China, South Korea, and Taiwan.


Asian Stocks Hit Record High as Strong U.S. Jobs Data Tempers Fed Rate Cut Hopes
U.S. Stock Futures Edge Higher Ahead of Holiday as Investors Await Key Economic Data
Ukraine Secures $8.2 Billion IMF Loan as Tax Conditions Are Eased
Gold Prices Steady as Markets Await Key U.S. Inflation Data
Japan Signals Openness to Gradual BOJ Rate Hikes as Deflation Era Ends
ECB Expands Euro Liquidity Backstop to Strengthen Global Role of the Euro
Asian Currencies Slip as Dollar Stabilizes Ahead of U.S. CPI Data
U.S. Stocks End Mixed as January CPI Cools, Treasury Yields Slide
UK House Prices Hold Steady in February as Rightmove Reports Post-Budget Market Stability
New Zealand House Prices Dip in January Amid Seasonal Slowdown and Severe Weather
Yen Surges After Takaichi Election Win as Markets Eye U.S. Inflation Data
Gold Prices Steady Above $5,000 as Markets Eye Fed Minutes and PCE Inflation Data
Japan Coalition Urges BOJ Independence as Sales Tax Cut Plan Advances
Oil Prices Steady but Head for Weekly Loss as Supply Glut Concerns Weigh
Oil Prices Edge Higher as US-Iran Tensions and Strong Payroll Data Shape Market Sentiment
Japan GDP Growth Slows Sharply in Q4 2025 Amid Weak Business Spending and Trade Tensions 



