Oil spent much of Tuesday circling around seven-month peaks — Brent at heights last touched in late July, WTI not seen since early August — but pulled back from earlier highs as traders kept an eye on U.S.-Iran nuclear talks. Brent futures shed 25 cents, or 0.4%, coming in at $71.24 a barrel by 10:41 a.m. EST. U.S. West Texas Intermediate crude also dropped 25 cents, or 0.4%, to $66.06. A geopolitical risk premium is now baked into U.S. crude prices, running about $3-$4 a barrel, reflecting insurance against disruption. On top of that, markets absorbed a fresh 10% U.S. tariff, hints that Venezuelan exports could accelerate starting in March, and anticipated weekly U.S. stockpile numbers from both the American Petroleum Institute and the Energy Information Administration.
