Oil Prices Mixed As Geopolitical Tensions Ease

(RTTNews) - Oil prices were mixed on Tuesday amid easing geopolitical tensions in Iran and Russia. Traders were also reacting to reports suggesting that OPEC+ is considering resuming output hikes in April.

Benchmark Brent crude futures fell 1.1 percent to $67.93 a barrel while WTI crude futures edged up by 0.3 percent to $62.93.

Trading activity was subdued, with markets in China, Hong Kong, Singapore, Taiwan, and South Korea closed for Lunar New Year holidays.

As tensions escalate, the U.S. and Iran will resume talks in Geneva today to address their nuclear dispute.

U.S. President Donald Trump has already threatened military action if the talks fail. "I do not think they will want the consequences of the agreement failing. These talks are very important. I will also participate indirectly in the talks," Trump said.

Iran conducted naval drills near the Strait of Hormuz as the U.S. military continued a significant buildup of air and naval assets in the Middle East.

It is feared that U.S. military strikes on Iran's strategic targets could broaden into a regional conflict.

Representatives of Ukraine and Russia will also meet in Geneva today and tomorrow for a fresh round of U.S.-mediated peace talks.

The talks will be held in a trilateral format involving representatives from Russia, the United States, and Ukraine.

Meanwhile, media reports indicate that the Organization of Petroleum Exporting Countries (OPEC) is leaning towards a resumption in oil output increases from April.

No decision has yet been made, and talks will continue in the weeks ahead of the March 1 meeting, Reuters said citing sources.

Elsewhere, the United States has launched a sustained campaign against ISIS in Syria, intensifying counterterrorism operations across the country.