Oil prices held steady on Monday, with Brent futures slipping 9 cents to $67.84 and WTI falling 4 cents to $62.93. Market participants are closely watching the U.S.–Iran talks and a possible OPEC+ move to lift production from April.

Context

The pause in OPEC+ output had ended three months ago, and the organization is now leaning toward a decision to resume hikes at its March 1 meeting. Meanwhile, global financial markets are muted due to Lunar New Year holidays in China, South Korea, and Taiwan, and Presidents’ Day in the United States.

Key Data

Brent futures edged down 9 cents, or 0.1%, to $67.84 a barrel by 1157 GMT, while U.S. West Texas Intermediate crude was at $62.93 a barrel, down 4 cents. Last week both benchmarks posted weekly declines, with Brent settling about 0.5% lower and WTI losing 1% after comments from U.S. President Donald Trump that Washington could make a deal with Tehran over the next month.

Quotes

An Iranian diplomat reported that Iran is pursuing a nuclear agreement with the U.S. that delivers economic benefits for both sides, with energy and mining investments and aircraft purchases up for discussion. The U.S. has dispatched a second aircraft carrier to the region and is preparing for the possibility of a sustained military campaign if the talks do not succeed, U.S. officials have told Reuters. Iran’s Revolutionary Guards warned that in case of strikes on Iranian territory, they could retaliate against any U.S. military base. SEB analysts said, “Increased Iranian tension could drive Brent to $80 a barrel. Fading tension would drop it back to $60 a barrel.” China’s Russian oil imports are set to climb for a third straight month to a new record in February after India slashed purchases on the back of U.S. pressure, according to traders and ship‑tracking data.

Outlook

With the OPEC+ decision pending and geopolitical tensions still simmering, oil prices could remain range‑bound in the short term, but a shift in either the diplomatic or production outlook could quickly move markets toward the $80 or $60 levels highlighted by analysts.