$71.49 – Brent Crude Closes Lower on Monday
The price at which Brent crude oil finished trading on Monday, 23 February 2026 was $71.49 a barrel, down 0.37 %.
It was a modest pull‑back, but one that reflects a market caught between two opposing forces: the pressure of U.S. tariff policies on the one side, and the hope of a diplomatic de‑escalation with Tehran on the other.
First Drag: New U.S. Tariffs
The latest tariff hikes announced by Donald Trump cast a shadow over global growth, and, by extension, future fuel demand.
Analysts say the added uncertainty is enough to cool the markets.
Second Factor: A Stabilising Diplomatic Signal
Washington and Tehran have signalled a willingness to launch a third round of nuclear negotiations.
This diplomatic opening has eased some of the fears of a military escalation that could have disrupted crude supplies.
WTI Prices
The WTI contract for March 2026 delivery closed 0.26 % lower at $66.31 a barrel, according to real‑time data from the Washington‑based energy‑market platform.
A Week of High Volatility Behind the Numbers
Monday’s pull‑back contrasts sharply with the previous week’s heightened tension.
- 20 February: Prices had already closed in a scattered fashion after two consecutive sessions of gains driven by geopolitical worries.
- Over the entire week, Brent rose 5.9 % and WTI climbed 5.5 %, buoyed by U.S. statements threatening severe consequences for Iran if a rapid nuclear agreement was not reached.
Beijing Enters the Scene
China added another variable to an already complex equation.
- On Monday, Beijing announced a thorough review of the U.S. Supreme Court’s decision on tariffs, while urging Washington to lift the unilateral tariff measures imposed on its trading partners.
- This signal of resistance keeps the uncertainty alive regarding the evolution of U.S.–China trade relations and their potential impact on global energy demand.
