Oil prices fell at settlement on Monday,
February 23, after Donald Trump announced his intention to raise US tariffs on global imports, creating uncertainty about global economic growth and fuel demand amid geopolitical tensions
Brent crude futures settled down 27 cents, or 0.38%, at $71.49 a barrel.
US West Texas Intermediate crude futures settled down 17 cents, or 0.26%, at $66.31 a barrel.
Trump announced on Saturday that he would raise temporary tariffs from 10% to 15% on US imports from all countries, the maximum allowed by law, after the US Supreme Court struck down his previous tariff program.
Tony Sycamore, an analyst at IG Markets, said: “The tariff news over the weekend led to some risk aversion this morning, which is reflected in gold and U.S. stock futures, and this in turn is weighing on crude oil prices.”
The tariff decision has eased growing fears of a military conflict between the United States and Iran, which had driven Brent and West Texas Intermediate crude prices up by more than 5% last week.
Oman’s Foreign Minister, Badr al-Busaidi, announced on Sunday that Iran and the United States would hold a third round of nuclear talks on Thursday in Geneva.
Sycamore added that this announcement supports his view that the United States and Iran are currently engaged in a diplomatic game of cat and mouse.
A senior Iranian official told Reuters that Iran has shown a willingness to make concessions on its nuclear program in exchange for sanctions relief and recognition of its right to enrich uranium.
