Oil prices fall on Iran nuclear talks and US tariff uncertainty

Have you noticed gas prices at the pump lately? They're easing up a bit, thanks to some big moves on the global stage. Oil took a tumble this week, dropping about 1%, amid fresh hopes for peace in the Middle East and worries over new U.S. trade rules that could shake things up for everyone.

On Monday, February 22, 2026, Brent crude oil fell to $71.01 a barrel, down 75 cents. It came after last week's volatility when prices jumped over 5% on fears of a U.S.-Iran clash. Attention now turns to Geneva, where U.S. and Iranian officials are set for a third round of nuclear talks starting February 25.

Iran's foreign minister, Abbas Araghchi, hinted Tehran might make concessions if Washington lifts sanctions, easing tensions that had folks worried about supply disruptions in the Strait of Hormuz. But it's not all smooth sailing. President Donald Trump just hiked a blanket tariff on imports from all countries to 15% from 10%, right after the Supreme Court nixed his old plan.

This move, announced Saturday in Washington, D.C., has markets jittery about slower global growth and less demand for fuel.

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