West Texas Intermediate (WTI), the main US crude benchmark, started the week on a soft note, continuing the cautious mood seen late last week. Prices are still moving within Friday’s range. Attempts to rise above $63.00 are struggling, while support near $62.00 is holding for now. As a result, crude remains roughly 4% lower than last week’s peak around $65.65.
Trading activity is quiet on Monday as investors prefer to wait for clarity from the nuclear discussions between Washington and Tehran. Market participation is also lighter because many Asian markets are closed for Lunar New Year holidays, and US banks are shut for the President’s Day holiday.
Iran talks keep traders cautious
Iranian officials indicated that negotiations include possible agreements in energy, mining, and aircraft sectors, aimed at improving economic ties for both countries.
Over the weekend, US Secretary of State Marco Rubio said Washington is pursuing a diplomatic solution but did not completely rule out military measures. The United States has also deployed another aircraft carrier to the Middle East. Reports further suggested that President Donald Trump would back Israeli action against Iran’s missile program if negotiations collapse.
At the same time, speculation that OPEC+ producers could restart production increases from April — anticipating stronger demand during the Western summer — is limiting any meaningful rise in oil prices for now.
