Oil prices fell nearly 3% amid favorable negotiations between the US and Iran as investors remain concerned about the impact of trade tariffs on global fuel demand

Oil prices fell by almost 3% on Monday, with Brent contracts at $66.03/barrel and WTI at $62.99/barrel. Progress in negotiations between the US and Iran has raised hopes that Iranian oil will not be taken off the market. Uncertainty over US monetary policy and recession fears also affected energy markets. OPEC+ is planning a production increase, but investors are worried about the impact of tariffs on global demand. US economic data expected this week could further influence prices.