Global oil prices fell more than 1% on Monday morning after a significant rise last week, Report informs referring to trading data.
The price of May Brent crude futures fell 1.21% to $70.44 per barrel, while April WTI futures fell 1.31% to $65.61. Last week, Brent crude jumped 6.3%, while WTI crude rose 5.8%.
Investors continue to monitor the situation between the US and Iran. Negotiations between the two countries will be held in Geneva on February 26.
Earlier, Iranian President Masoud Pezeshkian stated that the country is prepared for any development in light of the negotiations with the US, although there were encouraging signs in the latest round of dialogue.
Markets are assessing how possible further US actions against Iran may affect the country's oil supplies.