Oil prices swing and OPEC considers production changes amid US-Iran tensions

Oil prices have been volatile, reaching seven-month highs and then falling, as tensions between the United States and Iran create uncertainty in global markets. The U.S. conducted military strikes and announced new sanctions on Iran's oil exports, while the two countries also held nuclear talks.

In response, the OPEC+ alliance, which includes Russia and Saudi Arabia, is considering changes to its oil production. Sources say the group may resume or increase its planned output hikes for April, potentially adding hundreds of thousands of barrels per day to the market to calm prices. Russian Deputy Prime Minister Alexander Novak noted high market volatility due to the geopolitical risks.

Putin and the Saudi Crown Prince discussed OPEC+ and energy markets. Oil traders are closely watching the situation, with prices reacting to each development in the U.S.-Iran standoff and the upcoming OPEC+ meeting.