WTI crude oil futures fell below $66 per barrel on Monday, retreating slightly from a six-month high, as investors weighed the likelihood of a US–Iran nuclear deal, with further negotiations expected later this week. Iran’s foreign minister said a diplomatic “win-win” solution is within reach and confirmed plans to meet US envoy Steve Witkoff in Geneva. At the same time, reports indicated that any US military strike on Iran would be limited to select military or government sites, reducing the risk of broad supply disruptions. Traders remained mainly concerned about potential traffic risks through the Strait of Hormuz, a key corridor for regional crude exports. Adding to bearish sentiment, President Donald Trump plans to raise global tariffs to 15% following the Supreme Court’s rejection of “reciprocal tariffs,” fueling renewed risks to the oil demand outlook.
