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Oil prices edged lower on Tuesday after surging more than 5% in the previous session, as conflicting signals from Washington and Tehran over the future of US-Iran negotiations prompted investors to reassess geopolitical risks in the Middle East.
Oil prices edge higher during early hours on Monday as renewed tensions in the Middle East between the US and Iran heightened concerns over potential supply disruptions.
Oil market posts weekly losses as progress toward a US-Iran ceasefire agreement eases concerns over potential supply disruptions through the strategic Strait of Hormuz.
Oil prices declined as the global commodity market reacted to a tentative 60-day ceasefire extension between the United States and Iran, pending President Trump’s approval, easing oil price pressures and broadly supporting emerging-market currencies.
Global oil prices rally on Thursday on renewed tensions between the United States (U.S.) and the Iranian military over the Strait of Hormuz, despite ongoing peace talks between Washington and Tehran.
Oil prices fell as uncertainties surrounding negotiations between Iran and the US, and rising tensions, weakened expectations for the reopening of the Strait of Hormuz.
Brent crude prices rose on Tuesday following US military strikes targeting Iran, underscoring the fragility of ongoing diplomatic efforts toward a possible agreement.
Oil prices fell by more than 5% on Monday as the US and Iran drew closer to a peace agreement. Brent crude traded at $95.10 per barrel, down around 5.1% from the previous close of $100.21.
Oil prices increased on Friday despite optimism over US-Iran talks, suggesting tensions in the region could ease, while markets continued to price in the risk of renewed escalation in the conflict.
Oil prices rose on Thursday as a sharper-than-expected decline in US crude inventories reinforced concerns over tightening supply. Meanwhile, ongoing negotiations between Washington and Tehran helped limit fears of broader escalation in the Middle East.