In oil, attention turned to the US-IRAN talks

After seeing the peak of the last seven years, oil continues to follow a more horizontal course with a slight decline, while experts state that the developments that will stop the rise in prices are the US-IRAN nuclear talks and the resolution of the Ukraine crisis. New York futures slumped 1.1 percent on Monday, giving the rally its highest value since 2014. Before the US-IRAN talks, the reassuring messages from Washington and Tehran create an optimistic mood that both sides are making progress in reinstating the previously agreed agreement. If such an agreement is signed, Iranian oil is expected to be re-launched. However, the unexpected closure of the second-largest refinery in the USA due to bad weather indicates that further tightening may be seen in the country's gasoline market. This could mean that vehicle fuel prices, which hit their highest level in seven years last week, become more costly. The oil market has skyrocketed this year due to increased demand and production cuts, putting $100 within reach, raising concerns about inflation. While OPEC+ had difficulties in reaching its promised production figures, Saudi Arabia showed signs of confidence regarding the outlook by increasing prices, effective from March. At current prices, there are premiums added by the Ukraine crisis, but Russian Federation President Vladimir Putin says they have no intention of invading the country. US President Joe Biden said on Monday that if the invasion takes place, the controversial Nord Stream 2 pipeline will be halted. Vanda Insights Co-Founder Vandana Hari said, "Unless there is a serious development in the Ukraine crisis or in the nuclear deal negotiations, we may not see a decrease in prices. If these two events occur simultaneously, we could see a very serious decrease in prices." West Texas Oil for March delivery fell 0.2 percent to $91.10 on the Nymex market. Brent oil for April delivery fell 0.3 percent to $92.39 on the London ICE Futures Europe market.