How are oil prices doing in the international market?

Prices in the international oil market are almost unchanged in the wake of the upcoming US-Iran meeting. Investors are considering the impact of a possible diplomatic agreement on the one hand and the increase in OPEC+ production on the other.

Brent crude was trading at $67.78 per barrel and US WTI at $62.91 per barrel on Monday morning. The official closing price of WTI was not announced due to a holiday in the United States.

Oil prices fell slightly last week when President Donald Trump said a deal between Washington and Tehran was likely within a month. The announcement raised fears of an increase in supply in the market.

The second round of talks between the US and Iran will be held in Geneva on Tuesday. The main goal of the talks is to resolve the nuclear dispute and avoid new military tensions. Iran has said that a possible deal could benefit both countries economically, especially in the energy, minerals and aircraft sectors.

But analysts say a quick deal is unlikely as both sides remain adamant on key conditions. The United States could take military action if talks fail, and Iran has threatened retaliation.

OPEC+ is considering increasing oil production from April to keep supplies steady even as demand increases in the summer. Analysts say geopolitical developments and inventory data will continue to influence the oil market, potentially leading to price volatility in the future.