Oil prices edge lower amid OPEC+ talks and US tariff threats

Oil prices saw slight declines on Tuesday morning, influenced by ongoing OPEC+ discussions and geopolitical tensions involving Russia.

As of early trading, Brent crude futures for October delivery dipped 0.07% to $69.27 per barrel, while September WTI futures dropped 0.1% to $66.64 per barrel, Report informs, citing the market data.

The dip follows a meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC), which called on countries that have not met their production cut commitments to submit revised compensation plans by August 18. The committee also recommended no changes to current production targets under the alliance's existing agreement.

Meanwhile, market analysts are wary of potential disruptions to Russian oil exports. US President Donald Trump recently warned that the United States would impose 100% tariffs on Russian goods and sanction nations purchasing Russian oil unless a ceasefire is reached between Moscow and Kyiv within a shortened timeline of 10–12 days—down from the original 50-day window.

The combination of OPEC+ policy uncertainty and geopolitical threats has added volatility to global oil markets, prompting caution among investors.