Oil prices reached a six-month high on Monday as the US and Iran prepared for a third round of nuclear talks while increased economic uncertainty was also in focus after the latest US tariff upheaval.

Brent crude futures were up 62 cents or nearly 0.9% at $72.38 a barrel, a fresh six-month high, by 1432 GMT while US West Texas Intermediate crude gained 69 cents or 1% to $67.17. Growing concern over potential military conflict between the US and Iran pushed Brent prices up more than 5% last week to their highest since July 2025 at $72.34.

The US Customs and Border Protection agency said it would halt collections of tariffs imposed under the International Emergency Economic Powers Act at 0501 GMT on Tuesday. However, Trump said on Saturday that he would raise a temporary tariff from 10% to 15% on US imports.