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(Bloomberg) — Oil declined as tensions in the Middle East eased, reducing the near-term chance of potential interruptions to supply.
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Brent fell below $68 barrel, after losing almost 4% last week, while West Texas Intermediate was near $63. Iran and the US engaged in talks on Friday in Oman in an effort to defuse tensions over the Islamic Republic’s nuclear program, with Tehran saying the session was “a step forward.”
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With Washington having amassed military forces in the region, President Donald Trump said there would be another meeting early this week. The US leader is also due to see Israeli Prime Minister Benjamin Netanyahu, while priming a package of tariffs on countries doing business with Tehran.
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Crude has pushed higher since the start of 2026 despite widespread concerns about a glut, with advances supported by geopolitical tensions as well as halts to some flows, including from Kazakhstan. Still, prices fell last week on the signs of progress between Iran and the US, which were seen by traders as lessening the odds of military intervention in the near term.
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Traders were also focused on flows to India. Trump has said the South Asian nation agreed to halt crude imports from Russia as part of a trade deal. Still, New Delhi has yet to directly confirm the commitment, with the government emphasizing that ensuring energy security remains its top concern.
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There’ll be a slew of clues on global crude balances this week, with the official US forecaster, OPEC, and the International Energy Agency all due to issue updated analyses. In addition, International Energy Week in London will feature speakers including Russell Hardy, chief executive officer of Vitol Group.
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Ahead of the US-Iran talks, traders had lifted bets on gains for crude. Hedge funds were the most bullish on Brent since last April in the week ended Feb. 3, according to figures on positioning from ICE Futures Europe.
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