On Monday, oil prices experienced a slight uptick as investors reflected on the potential ramifications of forthcoming nuclear negotiations between the United States and Iran. This diplomatic meeting is aimed at easing tensions that could affect global oil supply, especially amid anticipated increases from OPEC+ member countries. By midday in Brazil, Brent crude oil futures rose by 0.6% to $68.16 per barrel, while West Texas Intermediate (WTI) increased by 0.7% to $63.32 per barrel, although the latter will not see settlement due to the President's Day holiday in the US.

Analysts are particularly focused on the impact of the US-Iran negotiations, as escalated tensions have historically led to concerns about sustained oil supply interruptions. Tamas Varga, an analyst at PVM, noted that the uncertainty surrounding these negotiations has contributed to the stabilization of oil prices amidst geopolitical tensions. The outcomes of these talks could significantly affect market dynamics as traders weigh potential future scenarios involving Iranian oil production.

In the broader context, the market is also monitoring the response from OPEC+ to ensure that supply keeps pace with or outstrips demand. As producers continue to calculate their strategies moving forward, the outcome of the US-Iran dialogue could either exacerbate or alleviate supply fears, ultimately influencing global oil prices in the weeks to come.