US, Feb 16 : Global oil prices were largely unchanged on Monday as investors adopted a wait and watch approach before high level discussions between the United States and Iran. Brent crude hovered around $67.72 per barrel, while US West Texas Intermediate traded near $62.86, reflecting a cautious market mood.
The stability in crude benchmarks comes ahead of negotiations scheduled in Geneva, where Washington and Tehran are set to address their prolonged dispute over Iran’s nuclear programme. Market participants are closely monitoring the outcome, as any breakthrough or breakdown could significantly influence global supply expectations.
Last week, both contracts retreated after US President Donald Trump indicated that a potential agreement with Iran could materialise within a month. However, analysts remain sceptical about a swift resolution. According to market analyst Tony Sycamore, expectations for a deal remain limited, with both sides likely to maintain firm positions on key issues.
Tehran is reportedly seeking a framework that ensures mutual economic gains, including foreign investment in its energy and mining industries as well as aircraft procurement. At the same time, geopolitical risks persist. The United States has deployed an additional aircraft carrier to the region, while Iran’s Revolutionary Guards have warned of retaliation against US military installations if provoked.
Adding another layer to market calculations, OPEC+ is evaluating the possibility of restoring output increases from April after a three-month pause. The move would aim to meet anticipated summer demand, though it could also place downward pressure on prices if geopolitical tensions ease.
Analysts note that without the current geopolitical risk premium, crude values might be significantly lower. Trading volumes are expected to remain subdued at the start of the week, with major Asian markets such as China, South Korea, and Taiwan closed for holidays.