Oil edges below 7 months high amid U.S. Iran talks

February 24, 2026 (MLN): Oil prices remained below a near seven-month peak on Tuesday as markets closely watched the resumption of U.S.-Iran nuclear negotiations and weighed ongoing uncertainty in U.S. trade policy.

Brent crude futures went up by $0.12, or 0.17%, to $71.88 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures increased by $0.37, or 0.56%, to $66.68 per barrel by [11:50 am] PST.

Crude oil continues to face volatility amid geopolitical tensions in the Middle East.

The third round of nuclear discussions between Iran and the United States is scheduled for Thursday in Geneva, according to Oman’s Foreign Minister Badr Albusaidi, as reported by CNBC

The U.S. has urged Iran to abandon its nuclear program, while Tehran maintains it is not pursuing atomic weapons.

In anticipation of potential conflict, the U.S. State Department declared the evacuation of non-essential personnel and their families from the U.S. embassy in Beirut.

President Donald Trump also warned on social media that it would be a “very bad day” for Iran if a deal is not reached.

Crude oil has traded near the upper end of a $55–$66.50 range that has dominated the market for the past six months.

On trade matters, President Trump cautioned countries against reneging on recently signed deals after the Supreme Court struck down his emergency tariffs.

He threatened to impose higher duties using alternate trade laws and earlier declared an increase in temporary tariffs on imports from 10% to 15%, the legal maximum.

Adding to supply concerns, Ukrainian forces struck a Russian pumping station connected to the Druzhba oil pipeline, which transports Moscow’s crude to Eastern Europe, a Ukrainian security official confirmed.

Oil markets remain on edge as traders balance Middle East tensions, U.S. trade policy shifts, and disruptions to global energy supply.

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