RoydadNaft –  Oil prices were stable on Monday as the United States and Iran prepared for the third round of nuclear talks, easing fears of a possible military confrontation and partially offsetting economic uncertainty stemming from recent tariff measures introduced by U.S. policy. 

According to Roydad Naft, Brent crude futures at 12:00 GMT were down 4 cents at $71.72 per barrel, while U.S. WTI crude lost 4 cents to $66.44 per barrel. 

Growing concern about a potential military clash between the United States and Iran had pushed Brent and WTI prices up by more than 5% last week, with Brent remaining near its highest level in six months. 

“With the next and possibly final round of Iran nuclear talks not expected by Thursday, focus has shifted to the U.S. Supreme Court’s decision to annul import tariffs and the subsequent government response,” Thomas Varga, an analyst at PVM Oil Associates, said. 

U.S. Customs and Border Protection announced it would cease collecting tariffs applied under the International Emergency Economic Powers Act from 00:01 Eastern Time (05:01 GMT) on Tuesday. 

However, former U.S. President Donald Trump said that after the Supreme Court struck down his previous tariff regime, he planned to raise temporary tariffs from 10% to 15% — the maximum allowed by law — on imports into the United States from all countries. 

“This morning’s weakness is a defensive move, and with continued uncertainty over possible U.S. military action against Iran, the ongoing Russia–Ukraine war, and the Supreme Court decision, the direction of oil prices is unclear, though volatility is assured,” Varga added. 

Iran has stated it is prepared to make concessions on its nuclear programme in exchange for sanctions relief and formal recognition of its right to uranium enrichment, an Iranian official told Reuters ahead of the third round of talks between the two countries.