Monday morning begins with Brent crude hovering around $67.7 per barrel, stepping into a new week after its first back-to-back weekly dip of the year.
Traders are cautious, balancing the tug-of-war between geopolitics and global oil supply.
The spotlight is on the second round of US-Iran nuclear talks, set for Tuesday. Tehran is signaling possible concessions if Washington engages on sanctions, but warnings of potential military action loom large, keeping markets on edge.
Meanwhile, the US-led negotiations over the Russia-Ukraine conflict are also resuming, though expectations for a quick resolution, and a return of Russian oil to global markets, remain low.
Despite the headlines, oversupply keeps a lid on prices. Reports suggest some OPEC+ nations may resume supply hikes in April, and the International Energy Agency (IEA) has lowered its oil demand growth forecast for 2026 while reaffirming a significant projected surplus.
In early trading, Brent nudged up 0.07% to $67.80 per barrel. Over the past month, it has gained 4.43%, yet remains nearly 10% below last year’s levels.
Investors are watching every move, from geopolitical developments to OPEC+ whispers, shaping the week ahead in a market that can swing quickly between anxiety and opportunity.
