Oil prices slid about one per cent on Monday as the United States and Iran geared up for a third round of nuclear talks, easing fears of a conflict escalation, while President Donald Trump’s latest tariff increases raised concerns over global growth and fuel demand.

Brent crude futures fell 76 cents, or 1.06 per cent, to $71 a barrel by 03:54 GMT, while U.S. West Texas Intermediate crude dropped 75 cents, or 1.10 per cent, to $65.75 a barrel.

On Saturday, President Trump announced he would increase a temporary tariff on U.S. imports from all countries from 10 per cent to 15 per cent, the highest level permitted by law, after the U.S. Supreme Court invalidated his previous tariff program.

China said on Monday that it is carrying out a “full assessment” of the U.S. Supreme Court’s tariff ruling and called on Washington to remove the “relevant unilateral tariff measures” on its trading partners.

The tariff decision eased fears of a U.S.-Iran military conflict, which had pushed Brent and WTI prices up over 5 per cent last week.

Iran and the United States are set to hold a third round of nuclear negotiations on Thursday in Geneva, Oman’s Foreign Minister Badr Albusaidi confirmed on Sunday.