The decrease in oil prices is influenced by potential position adjustments ahead of the expected US-Iran talks.

Oil prices in Asia fell in early trading, influenced by possible position adjustments. US President Trump said on social media on Monday that Iran has requested a meeting, which will take place in Doha on Tuesday. However, due to ongoing concerns about the sustainability of oil transportation through the Strait of Hormuz, the decline in oil prices may be limited. Analysts at ANZ Bank's research department stated in a research report that there are reports suggesting that "Iran is progressing with plans to control maritime traffic through the strait even without Oman's participation." The analysts at ANZ Bank's research department added, "This could delay the recovery of oil production in the Persian Gulf." WTI crude oil futures for the near month fell by 0.8%, to $70.19 per barrel.