Brent crude oil futures rose above $68 per barrel on Monday as markets continued to gauge their appropriate risk premium. US President Trump struck a degree of optimism over the negotiations with Iran regarding a potential deal on defusing Iran’s uranium enrichment capabilities. Oil prices had soared in previous weeks after the escalating tensions between both countries drove markets to consider the risk of the US enforcing sanctions on Iranian oil to a greater extent and Iranian authorities intercepting tankers through the Strait of Hormuz. The growing risk premia offset the narrative that the oil market will remain oversupplied this year due to the cumulative output hikes from OPEC nations and strong productions from the US, Canada, and Brazil outside complementing the cartel. Lastly, oil imports were India were also uncertain as its trade deal with the US was attached with the halt of purchases from Russia, which has pushed back on major changes in contracts with Indian refiners.

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