Oil Prices Decline Amid US-Iran Nuclear Talks and Fresh Tariff Uncertainties

Oil Prices Decline Amid US-Iran Nuclear Talks and Fresh Tariff UncertaintiesSingapore, 23 Feb 2026 (ONA) — Oil prices fell by approximately 1 percent today, pressured by the prospect of a third round of nuclear negotiations between the United States and Iran, compounded by mounting uncertainty surrounding global economic growth and fuel demand following the announcement of new US tariff increases.Brent crude futures declined by 75 cents, or 1.05 percent, settling at $71.01 per barrel, while US West Texas Intermediate crude futures dropped 74 cents, or 1.11 percent, to $65.74 per barrel.US President Donald Trump announced on Saturday that he would increase a temporary tariff from 10 percent to 15 percent on imports entering the United States from all countries—the maximum level permitted under existing legislation—following a Supreme Court ruling that invalidated his previous tariff programme.— Ends/Khalid