Oil slides on Iran nuclear talks, fresh US tariff uncertainty

Core Viewpoint - Oil prices have decreased by 1% due to ongoing nuclear talks between the U.S. and Iran, which have alleviated concerns about potential military conflict, while new tariff hikes by President Trump have introduced uncertainty into global growth and fuel demand [1][2]. Oil Market Impact - Brent crude futures fell by 75 cents, or 1.05%, to $71.01 per barrel, while U.S. West Texas Intermediate crude futures decreased by 74 cents, or 1.11%, to $65.74 per barrel [1]. - The tariff announcement has led to risk aversion in the market, impacting the prices of gold and U.S. equity futures, which in turn has weighed on crude oil prices [2]. U.S.-Iran Relations - The tariff decision has countered the previous rise in oil prices, which had increased by over 5% last week due to fears of military conflict between the U.S. and Iran [3]. - A third round of nuclear talks is scheduled between the U.S. and Iran, indicating ongoing diplomatic efforts [3]. - Iran has expressed willingness to make concessions regarding its nuclear program in exchange for the lifting of sanctions and recognition of its right to enrich uranium [4].