– Iran talks ease supply fears
Lagos — Crude oil futures declined on Monday as concerns over U.S. tariff policies continue to raise doubts about the strength of global fuel demand.
The pullback followed a short-lived recovery last week, with market participants turning cautious as fears that trade tensions, particularly involving China, could weigh on economic growth and energy consumption.
Adding to the pressure were signs of progress in U.S.–Iran nuclear negotiations, which may eventually lead to more Iranian crude on the market. Meanwhile, OPEC+ remains on track to increase output in May. However, overproduction adjustments by certain members could soften the net impact on supply.
Traders are now looking ahead to key U.S. data releases, including April flash PMIs, for further insight into underlying economic conditions and potential implications for oil demand.
*Terence Hove Financial Markets Strategist Consultant to Exness
