Oil Prices Hold Steady as US-Iran Peace Talks and Hormuz Shipping Return to Focus
By Aboki Forex —
Oil prices steadied on Tuesday after the biggest quarterly drop since the pandemic. Traders are now watching peace talks between the United States and Iran, as well as the return of shipping through the Strait of Hormuz.
West Texas Intermediate traded near $70 a barrel. It lost almost a third of its value over the past three months. Brent crude closed below $73 a barrel.
Qatar confirmed that Jared Kushner and Steve Witkoff had arrived in Doha for peace negotiations. The talks aim to calm tensions between the US and Iran over the Strait of Hormuz, a vital waterway that connects Persian Gulf producers to global markets.
Crude has fallen in recent days as both sides continue discussions toward a lasting agreement. But the process has been disrupted by recent attacks around Hormuz. Oil tanker traffic is showing signs of recovery and has picked up following strikes over the weekend.
Iran has reiterated its determination to control maritime traffic through the strait. This is a reminder that key sticking points remain, including disagreements over Iran's nuclear program and the situation in Lebanon.