Crude Oil Slips Ahead Third Round of US–Iran Nuclear Talks

By Adedapo Adesanya

Crude oil eased on Monday ahead of a third round of nuclear talks between the US and Iran, and amid increased economic uncertainty after the latest US tariff upheaval.

According to data, Brent crude futures lost 27 cents or 0.38 per cent to close at $71.49 a barrel, while US West Texas Intermediate (WTI) crude futures fell 17 cents or 0.26 per cent to per barrel $66.31.

Iran has indicated its preparedness to make concessions on its nuclear programme in return for sanctions lifting and recognition of its right to enrich uranium.

The Iranian government, facing pressure at home with a growing opposition and globally with threats of a US military strike, appears ready for a third round of Omani-mediated talks with American negotiators this week.

According to reports, the Foreign Minister of Oman, Mr Badr Albusaidi, on Sunday said talks would resume on Thursday, February 26, in Geneva “with a positive push to go the extra mile toward finalising the deal” over Iran’s nuclear program.

In separate remarks, the Iranian government suggested talks in the Swiss city on that date. However, there has been no confirmation from the US officials.

The US administration has been pressuring Iran to agree to curtail its nuclear program, which Iran insists is intended for peaceful, civilian purposes, such as electricity generation. The US, along with Israel and others in the West, has accused Iran of intending to build atomic weapons.

US President Donald Trump has dispatched two aircraft carrier strike groups, with dozens of fighter jets and bombers to the region, and other military planes and supporting forces have been spotted flying into air bases in the Middle East.

President Trump said on Saturday that he would raise a temporary tariff from 10 per cent to 15 per cent on US imports from all countries, the maximum allowed under the law.

This came after a US Supreme Court ruling last week struck down key parts of President Trump’s tariff plans, rekindling uncertainty among investors and businesses.

Goldman Sachs lifted its Q4 2026 Brent forecast to $60 and WTI to $56 per barrel, citing lower-than-expected OECD stock levels.

The bank still projects a 2.3 million barrels per day surplus in 2026, assuming no major supply disruptions.

Meanwhile, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) may resume production increases in 2026 amid limited inventory builds and shifting market dynamics.