WTI Crude Oil Price Steady at $78.50 Ahead of US-Iran Peace Talks

The West Texas Intermediate (WTI) crude oil price hovered near $78.50 per barrel on Monday, as traders cautiously positioned ahead of the second round of US-Iran peace talks.

The market is focused on the potential for diplomatic progress to ease supply disruptions in the Middle East, while also weighing demand concerns from major economies.

Iran's nuclear program and regional security are key aspects of the talks, with a successful negotiation potentially leading to sanctions relief that could allow Iran to increase crude exports.

OPEC+ is scheduled to meet in early June to review production policy, with any signals on output adjustments closely scrutinized by traders.