Oil hovers below seven-month high as traders eye U.S.–Iran talks, trade policy | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo [Purchase Licensing Rights, opens new tab]Feb 24 (Reuters) - Oil prices hovered below an almost seven-month high on Tuesday as traders gauged the outlook for U.S.-Iran nuclear talk ...

Core Viewpoint - The rise in oil prices, particularly reaching $70 a barrel, signals heightened tensions between the U.S. and Iran, especially in light of military options being considered by the U.S. amid stalled nuclear negotiations [1] Group 1: Oil Price Movements - U.S. crude futures increased by more than 4.5%, or $2.79, settling at $65.05 a barrel, marking the largest daily increase since October 23 [1] - The price of West Texas Intermediate crude is approaching its highest level of 2026 and is within the upper range observed in recent months due to escalating fears of U.S. military action against Iran [1] Group 2: U.S. Military Options - The U.S. has stated that all military options regarding Iran remain on the table, which has contributed to the recent surge in oil prices [1] - The Trump administration's focus on lowering energy prices suggests that significant military actions to destroy Iranian oil infrastructure are unlikely [1]

U.S. crude futures extended their decline on Friday, on track for their first weekly drop in weeks, as concerns of supply disruption in the Middle East eased with investors focusing on the outcome of ... ...

Core Viewpoint - U.S. crude futures experienced a price increase of one dollar in Asian trading following President Donald Trump's blockade on tankers entering and leaving Venezuela, significantly impacting the country's oil exports [1] Group 1: Market Impact - The blockade imposed by the U.S. government is expected to restrict most exports from Venezuela, which could lead to tighter global oil supply and increased prices [1] - The immediate reaction in the crude oil market reflects concerns over supply disruptions due to geopolitical tensions [1] Group 2: Geopolitical Context - President Trump's decision to block Venezuelan tankers is part of a broader strategy to exert pressure on the Venezuelan government, which may have long-term implications for oil markets [1] - The blockade highlights the ongoing volatility in the oil sector, driven by political actions and international relations [1]

Core Point - U.S. crude futures increased by over 1% following President Trump's directive for a complete blockade of all sanctioned oil tankers associated with Venezuela [1] Group 1 - The U.S. government has implemented a total blockade on oil tankers entering and leaving Venezuela, which is expected to impact crude oil supply dynamics [1] - The blockade is part of broader sanctions aimed at restricting Venezuela's oil exports, which are crucial for its economy [1]

Core Viewpoint - U.S. crude futures increased by $1.3 to $59.81 per barrel following the imposition of sanctions on major Russian oil companies Rosneft and Lukoil [1] Group 1 - The U.S. government has imposed sanctions on Rosneft and Lukoil, which are significant players in the oil industry [1] - The rise in crude futures indicates a market reaction to geopolitical events affecting oil supply [1]