Oil prices fell on Tuesday, February 24
trading near a seven-month high, as traders assessed the outlook for nuclear talks between the United States and Iran amid escalating tensions in the Middle East, while also considering the uncertainty surrounding US trade policy.
Brent crude futures settled down 72 cents, or 1.01%, at $70.77 a barrel, while US crude futures settled down 68 cents, or 1.03%, at $65.63 a barrel.
Brent crude had reached its highest level since July 31 on Monday, hitting $72.50 a barrel.
For his part, ANZ analyst Daniel Hynes said in a research report quoted by Reuters: "Oil markets remained tense as talks between the US and Iran resumed this week, and renewed trade tensions also weighed on sentiment."
Meanwhile, Omani Foreign Minister Badr al-Busaidi said on Sunday that Iran and the United States would hold the third round of nuclear talks on Thursday in Geneva.
The US wants Iran to abandon its nuclear program, but Tehran categorically refuses, denying any attempt to develop a nuclear weapon.
On the trade front, Trump warned countries on Monday against backing out of trade agreements negotiated with the US after the Supreme Court struck down his emergency tariffs, saying he would impose much higher tariffs on those countries under various trade laws.
On Saturday, Trump announced he would raise temporary tariffs from 15% to 15% on all exports to the US, the maximum allowed under the law.
