Oil prices climbed to a six-month high on Monday as the United States and Iran prepared for a third round of nuclear negotiations, while markets also reacted to fresh uncertainty surrounding U.S. tariff policy.

Brent crude futures rose 62 cents, or nearly 0.9%, to $72.38 a barrel by 1432 GMT, marking a new six-month peak, The Caspian Post reports, citing Reuters.

U.S. West Texas Intermediate (WTI) crude gained 69 cents, or 1%, to $67.17 per barrel.

Last week, Brent surged more than 5%, reaching its highest level since July 2025 at $72.34, amid growing concerns that escalating tensions between Washington and Tehran could lead to military confrontation.

Meanwhile, the U.S. Customs and Border Protection agency announced it would suspend the collection of tariffs imposed under the International Emergency Economic Powers Act starting at 12:01 a.m. EST (0501 GMT) on Tuesday.

However, President Donald Trump said on Saturday that he plans to increase a temporary tariff on U.S. imports from all countries from 10% to 15% - the maximum permitted under the law - after the Supreme Court of the United States struck down his earlier tariff programme.

On the diplomatic front, Iran has signaled readiness to make concessions regarding its nuclear programme in exchange for sanctions relief and formal recognition of its right to enrich uranium. A senior Iranian official told Reuters that these proposals would be discussed during the third round of talks scheduled for Thursday.

Investors are closely monitoring both the nuclear negotiations and shifts in U.S. trade policy, as developments on either front could significantly affect global energy markets.