Oil prices are swinging between gains and losses as traders closely monitor geopolitical risks ahead of negotiations between the United States and Iran, which are expected to resume on Tuesday.

After experiencing its first two-week consecutive decline this year, Brent crude is trading near $68 per barrel, while WTI crude hovers around $63. Reports indicate that the Iranian Islamic Revolutionary Guard Corps Navy conducted "smart drills" near the Strait of Hormuz. This strait is a critical global shipping lane, with approximately one-fifth of the world's crude oil shipments passing through it.

Ahead of the Geneva talks, the US President increased pressure on Tehran by stating on Friday that a change in regime would be the "best possible outcome" for Iran.