Crude oil futures traded lower on Monday morning as markets hoped that the proposed third round of talks between the US and Iran on the nuclear programme would lead to a positive outcome later this week. Added to this, uncertainty over US tariffs on global trade also added further pressure.
At 9.57 am on Monday, May Brent oil futures were at $70.40, down by 1.26 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $65.53, down by 1.43 per cent. March crude oil futures were trading at ₹5,967 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹6057, down by 1.49 per cent, and April futures were trading at ₹5,980 against the previous close of ₹6,069, down by 1.47 per cent.
Badr Albusaidi, Foreign Minister of Oman, said on Sunday that the US and Iran will hold a third round of talks on Iran’s nuclear programme in Geneva later this week. The US-Iran talks are being mediated by Oman. Meanwhile, both the US and Iran are keeping their forces ready to handle escalation of tensions, if any, in the West Asia region.
Abbas Araghchi, Foreign Minister of Iran, told CBS News that if the US wants to find a resolution for Iran’s peaceful nuclear programme, the only way is diplomacy.
Stating that Iran has proved this in the past, he said: “I believe that still there is a good chance to have a diplomatic solution which is based on a win-win game, and a solution is at our reach. So there is no need for any military buildup. And military buildup cannot help it, and cannot pressurize us.”
Iran is one of the major producers of crude oil in the global market.
US President Donald Trump imposed fresh global tariffs after the US Supreme Court struck down his earlier tariff programme. Though he initially announced a 10 per cent levy on imports from 150 days, he increased it to 15 per cent later on Saturday. This uncertainty over US tariffs on global trade raised concerns among market players as they feared this could impact the demand outlook for commodities such as crude oil.
March natural gas futures were trading at ₹281 on MCX during the initial hour of trading on Monday against the previous close of ₹277.20, up by 1.37 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), March cottonseed oilcake contracts were trading at ₹3,321 in the initial hour of trading on Monday against the previous close of ₹3,302, up by 0.58 per cent.
March jeera futures were trading at ₹22,760 on NCDEX in the initial hour of trading on Monday against the previous close of ₹23,060, down by 1.30 per cent.
Published on February 23, 2026
