Brent crude oil hovered at $67.8 per barrel on Monday after posting the first back-to-back weekly decline of the year, as investors closely watch a second round of US-Iran talks.

This comes as the US increases its military presence in the region, with President Trump repeatedly warning of potential strikes if a nuclear deal is not reached.

Over the weekend, Iran has signaled willingness to make concessions on its nuclear program if Washington engages on sanctions.

Meanwhile, a Ukrainian drone attack hit a Russian Black Sea port ahead of fresh US-brokered peace talks between Russia and Ukraine scheduled to begin on Tuesday.

Despite these geopolitical factors, oil prices remain under pressure due to ample global supply, with reports suggesting some OPEC+ nations see room to resume supply hikes in April.

The IEA also reaffirmed its projection of a significant surplus in 2026 and lowered its forecast for oil demand growth.
Source: Trading Economics