Published by Global Banking & Finance Review®
Posted on February 24, 2026
3 min readLast updated: April 2, 2026
Add as preferred source on GoogleOil 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.
By Scott DiSavino and Siddharth Cavale
NEW YORK, Feb 24 (Reuters) - Oil prices closed down 1% on Tuesday after Iran said it was prepared to take any necessary steps to clinch a deal with the U.S. ahead of nuclear talks later this week.
Brent futures settled at $70.77 per barrel, down 72 cents or 1.0%. WTI futures settled at $65.63, down 68 cents or 1.0%.
Iran, the third-biggest crude producer in the Organization of the Petroleum Exporting Countries, 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.
The U.S. wants Iran to give up its nuclear program. Iran has denied it is trying to develop an atomic weapon.
Iran's deputy foreign minister said on Tuesday that Tehran was ready to take any necessary steps to reach a deal with the U.S.
Swiss bank UBS said it expected a modest decline in oil prices in coming weeks provided there was no escalation of tensions in the Middle East that could disrupt supply.
U.S. crude prices include a $3-$4 a barrel geopolitical risk premium because of tensions between the U.S. and Iran, the director of North Dakota's Mineral Resources Department said on Monday. North Dakota is the No. 3 U.S. oil-producing state.  The oil industry needs crude prices to rise and sustain at $70 per barrel in order to grow output, energy executives said.
The U.S. State Department is pulling out non-essential government personnel and their families from the U.S. embassy in Beirut, a senior official said on Monday, as concerns mount about the risk of a military conflict with Iran, which, sources said, was close to a deal with China to purchase anti-ship cruise missiles.
U.S. TARIFFS AND OIL SUPPLIES
Meanwhile, the U.S. began collecting a temporary new 10% global import tariff on Tuesday, but President Donald Trump's administration was working to increase it to 15%, a White House official said, sowing confusion over tariff policies after last week's Supreme Court defeat.
On the supply front, trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers to export from the South American country since a Caracas-Washington supply deal began. This is set to speed up shipments from March while boosting deliveries to India, according to sources and data.
The European Commission will submit a legal proposal to permanently ban Russian oil imports on April 15, three days after Hungary's parliamentary election, according to EU officials and a document seen by Reuters.
Russia's oil pipeline monopoly Transneft has cut crude intake into its system by some 250,000 barrels per day, two sources familiar with the situation said on Tuesday, a day after Ukrainian drones attacked a pumping station serving major oil hubs and ports.
U.S. OIL INVENTORIES
The market was also awaiting weekly storage reports from the American Petroleum Institute trade group on Tuesday and the U.S. Energy Information Administration on Wednesday.
Analysts projected energy firms added 1.5 million barrels of crude to storage during the week ended February 20. [EIA/S] [API/S]
(Reporting by Scott DiSavino and Siddharth Cavale in New York and Shadia Nasralla in London, additional reporting by Trixie Yap in Singapore and Anushree Mukherjee in Bengaluru, editing by Jan Harvey, Chizu Nomiyama, Alex Richardson and David Gregorio)
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.
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.
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.
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