WTI crude oil futures traded around $62.80 per barrel on Monday, after logging their first consecutive weekly decline of the year, as investors closely monitored geopolitical developments.
Market attention is focused on the second round of US–Iran talks scheduled for Tuesday. Iran’s oil minister signaled that Tehran is prepared to make compromises to reach a nuclear agreement with Washington, provided the United States is willing to discuss lifting sanctions. At the same time, US‑led negotiations aimed at ending the war in Ukraine are also due to begin on Tuesday. Still, expectations for a rapid breakthrough are low, tempering hopes for an imminent return of Russian crude supplies to global markets.
Despite these geopolitical drivers, oil prices remain under pressure from robust global supply. Reports indicate that some OPEC members see scope to resume output increases in April. In addition, the IEA last week reaffirmed its outlook for a sizable supply surplus in 2026 and revised down its forecast for global oil demand growth.
