Finance
Oil hovers below seven-month high as traders eye U.S.–Iran talks, trade policy
Published by Global Banking & Finance Review®
Posted on February 24, 2026
3 min readLast updated: February 24, 2026
Quick Summary
Oil retreated from multi‑month peaks as traders weighed U.S.–Iran nuclear talks and trade risks. Brent hovered near $71.40 and WTI near $66.20 amid heightened geopolitical and supply concerns.
Oil Stalls Near 7‑Month Peak as Markets Eye U.S.–Iran Talks, Tariffs
Market Drivers: U.S.–Iran Talks and Trade Policy
Feb 24 (Reuters) - Oil prices hovered below an almost seven-month high on Tuesday as traders gauged the outlook for U.S.-Iran nuclear talks amid heightened Middle East tensions, while also weighing uncertainty around U.S. trade policy.
Price Snapshot: Brent and WTI
Brent crude futures eased 9 cents, or 0.1%, to $71.40 a barrel by 0120 GMT, following a volatile session on Monday that saw it hit the highest level since July 31 at $72.50 while swinging between gains and losses of more than 1%.
U.S. crude futures were down 11 cents, or 0.2%, at $66.20 a barrel. That's after rising to $67.28 in the previous session, the highest since August 4.
"Crude oil markets remained on edge as U.S.-Iran talks resume this week," Daniel Hynes, an analyst at ANZ, said in a research report.
"Renewed trade tensions also weighed on sentiment."
Diplomacy Timeline: Geneva Nuclear Talks
Iran and the U.S. will hold a third round of nuclear talks on Thursday in Geneva, Oman's Foreign Minister Badr Albusaidi said on Sunday.
U.S. Demands and Iran’s Stance
The United States wants Iran to give up its nuclear programme, but Iran has adamantly refused, and denied it is trying to develop an atomic weapon.
Security Moves and Political Rhetoric
The State Department is pulling out non-essential government personnel and their families from the U.S. embassy in Beirut, a senior State Department official said on Monday, amid growing concerns about the risk of a military conflict with Iran.
U.S. President Donald Trump said in a social media post on Monday that it will be a "very bad day" for Iran if it does not make a deal.
Technical Range and Outlook
"Crude oil remains at the very top of the $55–$66.50 trading range that has defined the past six months," Tony Sycamore, an IG market analyst, said in a note to clients.
"A sustained break above the top of this range would open the way for further gains towards $70.00–$72.00. Conversely, signs of de-escalation would likely see a retracement back towards $61.00."
Tariffs and Trade Uncertainty
On the trade policy front, Trump on Monday warned countries against backing away from recently negotiated trade deals with the U.S. after the Supreme Court struck down his emergency tariffs, saying that he would hit them with much higher duties under different trade laws.
Trump said on Saturday he would raise a temporary tariff from 10% to 15% on U.S. imports from all countries, the maximum level allowed under the law.
Pipeline Disruption Risk
Meanwhile, Ukrainian drones have struck a Russian pumping station serving the Druzhba oil pipeline set up to supply Moscow's crude to Eastern Europe, a Ukrainian security official said on Monday.
Reporting and Editing Credits
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Kevin Buckland)
Key Takeaways
- •Brent eased to $71.40 after touching $72.50, a near seven‑month high.
- •WTI dipped to $66.20 after hitting $67.28 in the prior session.
- •Markets are focused on U.S.–Iran nuclear talks in Geneva and broader Middle East tensions.
- •Uncertainty over U.S. trade policy and tariffs is weighing on sentiment.
- •Ukraine drones reportedly struck a Druzhba pipeline pumping station, adding supply risk.
Frequently Asked Questions about Oil hovers below seven-month high as traders eye U.S.–Iran talks, trade policy
1What is the main topic?
Oil prices slipped after nearing seven‑month highs as traders assessed the impact of U.S.–Iran nuclear talks, Middle East tensions, and shifting U.S. trade policy on crude markets.
2Why are oil prices moving today?
Prices are reacting to renewed U.S.–Iran negotiations, warnings of potential escalation in the region, and uncertainty from U.S. tariff policy, which together sway demand and risk sentiment.
3What price levels are in focus?
Brent tested resistance near $72.00–$72.50, while support is eyed closer to $61.00 if tensions ease. WTI tracked similar moves, softening after a brief push above $67.00.
