Oil Prices Decline Amid U.S.-Iran Nuclear Talks and New U.S. Tariff Hike

Oil prices fell about 1% as the U.S. and Iran prepared for a third round of nuclear talks in Geneva, easing fears of military conflict. Brent crude dropped near $71 per barrel, while U.S. West Texas Intermediate fell below $66. However, President Donald Trump's announcement of raising temporary tariffs from 10% to 15% on imports introduced uncertainty about global economic growth and fuel demand. Analysts noted that ongoing geopolitical risks and tariff impacts are influencing market volatility.