FX.co ★ Brent Crude Oil Holds Below $67

Brent crude oil futures remained steady, trading slightly below $67 per barrel on Monday, as traders assessed the latest trade war dynamics. While it is still uncertain if formal trade talks between the U.S. and China have commenced, President Donald Trump adopted a more conciliatory tone last week, and Beijing made moves to exempt certain U.S. imports from its hefty 125% tariffs. Nonetheless, any potential price increases are tempered by worries over a potential oversupply. Progress in negotiations between the U.S. and Iran regarding Tehran's nuclear program has sparked speculation about the possible rise in Iranian oil exports if sanctions are eased. Additionally, the potential for OPEC+ to increase production for a second month in a row has added to the prevailing bearish sentiment. Meanwhile, senior members of the Trump administration have encouraged Russia and Ukraine to move forward with peace talks, following a one-on-one meeting between Trump and Ukrainian President Volodymyr Zelensky.