Oil Prices Hover Below Seven-Month High Amid Us-Iran Talks

As of February 24, 2026, oil prices are hovering near a seven-month high, with Brent crude futures at $71.40 per barrel after peaking at $72.50 the previous day. This volatility is largely attributed to the upcoming third round of U.S.-Iran nuclear talks scheduled for Thursday in Geneva, as stated by Oman’s Foreign Minister Badr Albusaidi. Analysts like Daniel Hynes from ANZ noted, "Crude oil markets remained on edge as U.S.-Iran talks resume this week," highlighting the market's sensitivity to geopolitical developments. The U.S. has also ordered the withdrawal of non-essential personnel from its embassy in Beirut, indicating rising tensions and fears of military conflict, with President Trump warning Iran that it would face severe consequences if a deal is not reached, calling it a "very bad day" for them if negotiations fail.