Brent Oil Prices Hover Near $71 Amid Middle East Tensions and US Trade Policies

Current Status of Oil Markets In international markets, the price of Brent crude oil recorded a limited increase, rising to $71.49 per barrel during the trading day.
After closing the previous day at $71.26, Brent oil climbed as high as $72.05 during intraday trading.
Meanwhile, West Texas Intermediate (WTI) crude oil was trading at $66.64 per barrel.
Geopolitical Risks and Nuclear Negotiations Strategic developments in the Middle East and nuclear negotiations between the United States and Iran are playing a critical role in price fluctuations.
The third round of talks, mediated by Oman, is expected to take place in Geneva on February 26.
During this period, the U.S.
State Department's request for the evacuation of diplomatic personnel's families in Lebanon indicates that security concerns in the region persist.
Iranian Deputy Foreign Minister Kazem Gharibabadi, speaking at the Conference on Disarmament in Geneva, reiterated that his country's nuclear program is peaceful and that allegations regarding the development of nuclear weapons are baseless.
Trade Policies and Demand Expectations Uncertainties regarding new U.S.
trade tariffs continue to pressure the market.
Following a U.S.
Supreme Court decision regarding restrictions on tariff authorities, the possibility of increases in global customs duties is overshadowing the economic growth outlook.
Experts state that this situation has triggered concerns regarding oil demand.
According to technical analysis data, the $72.40 level remains a significant resistance point for Brent oil, while the $65.50 level continues to serve as a key support point.