Oil closes below $68 as geopolitical tensions ease

Oil drilling rigs

Oil prices fell at the close of trading today, Feb. 17, amid hopes of easing tensions between the United States and Iran, along with a rising dollar and the start of a new round of negotiations between Russia and Ukraine.

Brent crude futures for April delivery fell 1.79%, or $1.23, to $67.42 a barrel, after rising to $69.04 earlier in the session.

WTI crude oil futures for March delivery also fell by 0.89%, or 56 cents, to $62.33 a barrel.

This came in the wake of statements by Iranian Foreign Minister Abbas Araghchi, in which he said that his country and the US had reached an understanding on the main "guiding principles" in the nuclear talks, but stressed that reaching a final agreement required more effort.

Oil prices rose earlier in the session after Iranian television announced the closure of parts of the Strait of Hormuz for several hours as part of military exercises conducted by Tehran.

On the other hand, a new round of talks between Russia and Ukraine, mediated by the US, began in Geneva and is scheduled to last two days. Reports indicate that the first day was tense during the six-hour meeting.