FX.co ★ Brent Crude Oil Steadies on Monday

Brent crude traded near $67.80 per barrel on Monday, stabilizing after recording its first consecutive weekly decline of the year. Investors are closely monitoring a second round of US–Iran negotiations, as Washington increases its military presence in the region and President Trump continues to warn of possible strikes if no nuclear agreement is reached.

Over the weekend, Iran indicated it may be prepared to offer concessions on its nuclear program, provided the US is willing to address sanctions. At the same time, a Ukrainian drone strike targeted a Russian Black Sea port ahead of new US-brokered peace talks between Russia and Ukraine, set to begin on Tuesday.

Despite these geopolitical tensions, oil prices remain under pressure amid robust global supply. Reports suggest some OPEC+ members see scope to resume output increases as early as April. The International Energy Agency has also reiterated its forecast of a substantial supply surplus in 2026 and has revised down its outlook for global oil demand growth.