Oil closes lower but holds near 6-month high

Oil drilling rigs

Oil prices fell at the close of trading today, Feb. 23, but remained near their highest levels in six months as the world awaited a third round of nuclear talks between the US and Iran, amid rising economic uncertainty following recent changes to US tariffs.

Brent crude futures for April delivery fell 0.38%, or 27 cents, to $71.49 a barrel. WTI crude oil futures for April delivery, the most actively traded contract, also fell by 0.26% or 17 cents to $66.31 a barrel.

US and Iranian negotiators are scheduled to hold a third round of nuclear talks next Thursday, amid a US military build-up in the Middle East. A senior Iranian official told Reuters that Tehran is prepared to make concessions on its nuclear program in exchange for sanctions relief and recognition of its right to enrich uranium.

Oil prices received additional support from renewed trade tensions after US President Donald Trump raised overall global tariffs to 15% instead of the 10% tariff he announced on Friday, following the Supreme Court's invalidation of retaliatory tariffs he had imposed on several countries.