Oil prices slid 1 per cent on
Monday with the U.S. and Iran headed for a third round of
nuclear talks, easing concerns about a potential conflict, while
President Donald Trump created uncertainty for global growth and
fuel demand with a new round of tariff hikes.
Brent crude futures slid 75 cents, or 1.05 per cent, to
$71.01 a barrel by 0055 GMT while U.S. West Texas Intermediate
crude futures were at $65.74 a barrel, down 74 cents, or
1.11 per cent.
Trump said on Saturday he would raise a temporary tariff
from 10 per cent to 15 per cent on US imports from all countries, the maximum
level allowed under the law, after the US Supreme Court struck
down his previous tariff programme.
“The tariff news over the weekend has resulted in some risk
aversion flows this morning, which can be viewed in the price of
gold and US equity futures and this is weighing on the crude
oil price,” IG Markets analyst Tony Sycamore said.
The tariff decision offset growing concerns of a military
conflict between the US and Iran, which pushed Brent and WTI
prices up more than 5 per cent last week.
Iran and the US will hold a third round of nuclear talks
on Thursday in Geneva, Oman’s Foreign Minister Badr Albusaidi
said on Sunday.
Sycamore said the announcement supported his view that the
US and Iran are currently engaged in a diplomatic game of cat
and mouse.
“I don’t believe that the US wants to attack Iran, given
the risks it brings in terms of regional destabilisation and,
closer to home, voter discontent ahead of the November
midterms,” Sycamore said.
Iran has indicated it is prepared to make concessions on its
nuclear programme in return for the lifting of sanctions and
recognition of its right to enrich uranium, a senior Iranian
official told Reuters.
Published on February 23, 2026