[MARKET ANALYSIS] WTI and Brent contained by Trump's tariffs with focus on US-Iran talks this week

Crude benchmarks are more subdued in the early European session as the market continued to digest Trump’s 15% tariff decision in response to SCOTUS’s striking down his IEEPA tariffs. It’s worth noting that crude benchmarks have had their best year thus far since 2022 (the same year Russia invaded Ukraine), and as geopolitical tension continues to persist, US-Iran talks are set to resume this week. Latest updates include US President Trump reportedly considering a targeted strike on Iran, followed by a larger attack and is open to deposing the Supreme Leader by force if Iran is stubborn, according to NYT. Iran has responded that any US attacks, including limited strikes, will be considered an act of aggression. In the other geopolitical news between Russia and Ukraine, the Russian Defence Ministry said Russian forces struck Ukrainian transport, energy and fuel infrastructure. WTI Apr'26 and Brent May'26 are trading at a tight range of USD 65.38-66.30/bbl and 70.28-71.14/bbl, respectively.