Oil prices steady on Monday

Oil prices were little changed on Monday as markets balanced the potential impact of upcoming U.S.–Iran nuclear talks on supply against expectations that the OPEC+ group may boost output from April to meet summer demand.

Brent crude edged to about $67.7 a barrel, and US West Texas Intermediate (WTI) hovered near $62.9, with no WTI settlement due to a US holiday. Both benchmarks lost ground last week after US President Donald Trump’s comments on a possible deal with Tehran dampened risk premiums.

A second round of negotiations between Washington and Tehran is due in Geneva on Tuesday, aimed at easing tensions that have underpinned prices, though analysts say a breakthrough is unlikely given firm positions on both sides.

The United States has deployed additional naval assets to the region amid warnings from Iran’s Revolutionary Guards of potential retaliation if strikes occur.

Market activity was muted by public holidays in major economies, including China and the United States, and analysts expect oil to remain sensitive to geopolitical developments and inventory data in the near term.

Attribution: Reuters