Oil prices dip slightly Monday morning resulting from factors including US President Joe Biden and Russian counterpart Vladimir Putin planning a meeting about the Ukraine crisis. Meanwhile, the prospect of a new nuclear deal with Iran is said to be near at hand. Both instances reduce geopolitical uncertainty.

A barrel of European reference oil Brent trades Monday morning for USD 93.21 against USD 92.21 Friday afternoon. At midnight CET, the price of North Sea crude hit USD 94.87.

US benchmark oil West Texas Intermediate sells at the same times for USD 91.06 against USD 92.60, with the CET midnight price at USD 91.46.

French President Emmanuel Macron's office has announced that the president has invited Biden and Putin to a meeting to discuss security and strategic stability in Europe, reports Reuters. Both Russia and the US have accepted.

EU Commission President Ursula von der Leyen says an invasion of Ukraine will trigger Russia being cut off from international financial markets as well as being denied access to larger export avenues needed to modernize the nation's economy, the news agency writes.

"If a Russian invasion takes place as the US and UK have warned in recent days, Brent futures could spike above USD 100 per barrel, even if an Iranian deal is reached," Reuters cites Commonwealth Bank analyst Vivek Dhar saying in a note.

Despite the possibility of more than 1 million barrels per day from Iran returning to the world oil market, added supply would in the short term remain tight with continuous price instability because Iranian oil would likely first arrive later in the year, the news agency writes.

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