Oil Slips Below Key Levels as Supply Fears Diminish

Oil prices edged lower as geopolitical risks tied to the US-Iran nuclear talks showed signs of easing. Brent crude fell to around $70.70 per barrel, and WTI dropped to $65.20, both reversing part of last week's geopolitical-driven gains. Progress in the US-Iran negotiations temporarily relieved concerns of imminent military escalation, while OPEC+ is expected to consider raising oil output by 137,000 barrels per day, further pressuring prices.

The US began implementing a temporary 10% global tariff, with discussions around raising it to 15%, adding complexity to the supply and price outlook. Saudi Arabia is reportedly increasing output as a contingency measure in case of regional disruptions. The technical outlook for WTI crude suggests it remains within a range, with support around $63.50 and resistance near $67. If talks progress and OPEC+ increases output, prices may stay in the $60–$70 range.

Despite these developments, the broader oil market remains sensitive to any unexpected shifts in geopolitics or OPEC+ decisions.

Read more on how the US-Iran talks and OPEC+ policy decisions are shaping the near-term outlook for oil prices and what traders should watch next.