FX.co ★ Oil Falls on Easing US-Iran Tensions

WTI crude oil futures declined to under $63 per barrel on Monday, further adding to the weekly downturn. This movement came as US-Iran tensions eased, reducing fears of potential Middle Eastern supply interruptions. President Donald Trump noted productive discussions with Iran, indicating more negotiations were scheduled for early this week. Nonetheless, he issued a cautionary statement that the repercussions would be severe should Tehran not agree on its nuclear program. Concurrently, investors are paying close attention to oil shipments from India, as President Trump announced last week that India had agreed to cease oil imports from Russia as part of a broader trade agreement. However, Indian officials have not officially confirmed this, emphasizing that maintaining energy security remains their primary focus. Earlier in the year, oil prices surged due to heightened geopolitical tensions and temporary production setbacks, despite worries about abundant supply.