Oil prices fell on Tuesday as geopolitical risks and market fundamentals continued to weigh on sentiment, with Brent crude trading at $68.71 per barrel.
The international benchmark rose as high as $70.53 on Monday before settling at $69.21 at the close.
Brent crude was down 0.7% from the previous close, trading at $68.71 a barrel at 10.08 a.m. local time. At the same time, West Texas Intermediate (WTI) crude was priced at $66.39 per barrel.
Market players focus on comments from US President Donald Trump, who recently warned that the US would impose 100% secondary tariffs on Russia if a peace deal to end the war in Ukraine is not reached within 50 days.
Meanwhile, Israeli media reported that Prime Minister Benjamin Netanyahu convinced Trump to grant an additional week for a potential ceasefire deal with Hamas.
Analysts say oil markets have shown resilience since the start of the year, despite Trump’s trade rhetoric and increased output by OPEC+ countries.
However, with Saudi Arabia ramping up production and global demand showing signs of weakening, experts suggest this resilience may soon be tested.
From a technical perspective, Brent crude faces resistance at $75.30 and support at $62.72 per barrel.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr
