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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 in this article.
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