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Commodity News Details
Oil pulls back as markets weigh Iran talks and global tariffs
23-Feb-2026 13:23
WTI crude oil futures slipped below $66 per barrel on Monday, retreating from a six-month high as investors weighed the prospects of a potential Iran'US nuclear agreement and its implications for global supply. A third round of talks is scheduled later this week in Geneva, according to Oman's foreign minister Badr Albusaidi, even as concerns persist over the risk of military escalation between the two sides. Tensions remain elevated following warnings from Donald Trump, alongside reports of an increased US military presence in the Middle East. Adding to downside pressure, renewed trade uncertainty emerged after plans to raise global tariffs to 15%, clouding the oil demand outlook. Reflecting weaker sentiment, Multi Commodity Exchange of India crude oil futures for March delivery fell more than 1.5% to ₹5,969 per barrel.

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