Overview
- Brent settled around $67.28 a barrel and WTI near $63.17 after a sharp pullback of roughly 3% in early Monday trade.
- President Trump said Iran was “seriously talking” with Washington, while Tehran’s security chief Ali Larijani signaled that arrangements for negotiations were underway.
- Reports indicated the IRGC naval forces had no plans for live‑fire exercises in the Strait of Hormuz, which traders viewed as de‑escalatory.
- OPEC+ kept March output unchanged, reinforcing views that supply remains comfortable even as recent geopolitical headlines swung prices.
- A stronger dollar also pressured crude, with analysts noting profit‑taking as the risk premium eased and broader research pointing to a well‑supplied 2026 market.