Oil slides on Iran nuclear talks, fresh US tariff uncertainty

Oil prices slid 1% on Monday with the US and Iran headed for a third round of nuclear talks, easing concerns about a potential conflict, while President Donald Trump created uncertainty for global growth and fuel demand with a new round of tariff hikes. Brent crude futures slid 75 cents, or 1.05%, to $71.01 a barrel by 0055 GMT while US West Texas Intermediate crude futures were at $65.74 a barrel, down 74 cents, or 1.11%. Trump said on Saturday he would raise a temporary tariff from 10% to 15% on US imports from all countries, the maximum level allowed under the law, after the US Supreme Court struck down his previous tariff programme. “The tariff news over the weekend has resulted in some risk aversion flows this morning, which can be viewed in the price of gold and US equity futures and this is weighing on the crude oil price,” IG Markets analyst Tony Sycamore said.