Oil prices fell during Tuesday’s session but pared some of their losses, with Brent crude stabilizing near the $99 per barrel level. This decline came amid signs of potential talks between the United States and Iran aimed at easing tensions, which helped reduce concerns over oil supply risks stemming from the U.S. blockade of the Strait of Hormuz.
Brent crude futures for June delivery dropped by 0.45% (about 44 cents) to $98.92 per barrel at 1:58 PM Mecca time after earlier falling to $96.50 before partially recovering.
Meanwhile, U.S. WTI (NYMEX) crude for May delivery fell by 1.95% (around $1.91) to $97.17 per barrel after touching $95.20 during the session.
Reports indicated that negotiations between Washington and Tehran are ongoing, while U.S. Vice President J.D. Vance stated in a press interview that the United States expects Iran to take tangible steps toward reopening the Strait of Hormuz.
Investors are awaiting the release of U.S. crude inventory data from the American Petroleum Institute later today, ahead of official figures from the Energy Information Administration due on Wednesday.
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