Global oil prices were relatively unchanged on Monday as traders took a cautious stance ahead of renewed nuclear negotiations between the United States and Iran, reflecting lingering uncertainty over geopolitical risks and supply prospects, according to market reports.
Brent crude, the global benchmark, traded near $67.5-$67.8 a barrel, with U.S. West Texas Intermediate (WTI) futures also little changed, as investors awaited the outcome of talks aimed at easing long-standing tensions over Tehran’s nuclear programme.
The markets have priced in a cautious mood ahead of the second round of nuclear discussions scheduled to take place in Geneva this week, with traders reluctant to take strong positions pending greater clarity on the diplomatic stance and risk of escalation.
Analysts say the talks could have meaningful implications for crude prices. A breakthrough that cools geopolitical tensions might weaken risk-driven premiums, while a breakdown could support higher prices if fears of supply disruption resurface.
Adding to the cautious sentiment, the Organization of the Petroleum Exporting Countries and allies (OPEC+) is expected to consider resuming gradual increases in output from April, which traders say could dampen upward pressure on prices.
At the same time, trading volumes may remain subdued due to holidays in major Asian markets and a U.S. public holiday, which typically limit market liquidity.
While nuclear diplomacy is back in focus, tensions remain high in the Middle East. U.S. military positioning and Iran’s firm stance on its nuclear ambitions continue to underscore the potential for volatility in energy markets, given the region’s role in global oil supply.
For now, prices are holding a narrow range as markets balance the prospect of a diplomatic breakthrough against ongoing geopolitical uncertainty and supply dynamics. It is a delicate moment for energy markets, with traders watching both diplomatic developments and supply policy signals closely.
