FX.co ★ Oil Holds Near 6-Month High

WTI crude oil futures hovered around $66.50 per barrel on Monday, near a six‑month high, as investors assessed the prospects for a US–Iran nuclear agreement, with further talks expected later this week. Iran’s foreign minister said a diplomatic “win–win” outcome was within reach and confirmed plans to meet US envoy Steve Witkoff in Geneva. At the same time, reports suggested that any potential US military strike on Iran would likely be confined to specific military or government targets, easing fears of major disruptions to oil supplies. Market participants remained primarily focused on potential transit risks in the Strait of Hormuz, a critical chokepoint for regional crude exports. Meanwhile, President Donald Trump’s plan to lift global tariffs to 15% following the Supreme Court’s rejection of “reciprocal tariffs” added fresh uncertainty to the outlook for oil demand.