Oil edges up as US‑Iran talks and OPEC+ supply plans loom

Oil prices edged up on Monday as investors weighed the market implications of upcoming US-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases.

Brent crude futures settled 90 cents, or 1.33 per cent, higher at $68.65 a barrel. US West Texas Intermediate crude was at $63.75 a barrel, up 86 cents, or 1.37 per cent at 14:14 EST (GMT 19:14).

The contract did not have settlement on Monday because of the US Presidents Day holiday.

Fears of supply disruption from the US-Iran tensions have helped keep oil prices stable, said Tamas Varga, an analyst with PVM. Looming Lunar New Year holidays in China, South Korea and Taiwan also dampened trade.

Both benchmarks posted weekly declines last week, with Brent settling about 0.5 per cent lower and WTI losing one per cent, after comments from US President Donald Trump that Washington could make a deal with Tehran over the next month. The two countries are due to hold a second round of talks in Geneva on Tuesday over Tehran's nuclear programme.