Brent crude oil futures hovered around $65.8 per barrel on Monday, trimming earlier gains as traders weighed a mix of geopolitical, trade, and supply factors. Tensions in the Middle East remain a key focus after the deployment of a US aircraft carrier strike group, raising concerns over potential escalation with Iran that could threaten energy flows from the region. Trade concerns also lingered President Trump threatened 100% tariffs on Canada if it finalized a deal with China, though Canadian Prime Minister Carney clarified Ottawa has no intention of pursuing such an agreement, noting the recent deal only reduces tariffs on a few sectors. Meanwhile, a massive US winter storm boosted heating demand, providing support to prices. Offsetting some of the gains, Kazakh’s oil exports are expected to return to normal after the restoration of an offshore mooring facility. Elsewhere, Russia-Ukraine talks ended without a breakthrough, but both sides agreed to continue negotiations next weekend.
