New Delhi, Feb. 23 -- Oil prices declined by around 1% on Monday, after hitting a six-month high last week, amid signs that the US-Iran tensions are unlikely to worsen. Concerns around global growth and lower fuel demand following the tariff hike announcements by US President Donald Trump also weighed on crude.

Brent crude futures fell by 76 cents, or 1.06%, to $71 per barrel as of 0354 GMT, while US West Texas Intermediate (WTI) crude futures dropped 75 cents, or 1.10%, to $65.75 per barrel.

Back home, crude oil prices on Multi Commodity Exchange (MCX) were also marginally down by 0.30% at Rs.6,039.

Iran and the US are set to hold a third round of nuclear negotiations in Geneva on Thursday, Badr Albusaidi, Oman's foreign minister, sai...