Oil prices fall to $70.56 as U.S. Iran nuclear talks offset new Trump tariffs

President Trump’s tariff hike raises new concerns about global economic stability and oil demand

Crude oil prices decreased on Monday by approximately 1 percent, influenced by the news that the United States and Iran are organizing a third cycle of nuclear negotiations. This development helped alleviate anxieties regarding a broadening regional struggle, though new tariff increases announced by President Donald Trump introduced fresh doubts concerning the trajectory of the global economy and the subsequent demand for fuel. Specifically, Brent crude futures dropped by 74 cents, representing a 1.04 percent decrease, to reach $70.56 per barrel. Simultaneously, U.S. West Texas Intermediate crude futures fell to $65.72 per barrel, marking a decline of 76 cents or 1.14 percent.