Oil Prices Stable Amid Market Tension and US-Iran Dialogue Uncertainty

Oil prices sustained their significant gains from the previous session during early trading on Tuesday. This stability emerged amidst lingering uncertainty regarding the trajectory of ceasefire talks between the United States and Iran, coupled with the potential for the Strait of Hormuz to reopen. US President Donald Trump stated last Monday that discussions with Iran were ongoing. Conversely, Iran's Tasnim news agency reported that Tehran had suspended indirect negotiations with Washington. In response to these developments, Brent crude futures saw a decline of 77 cents, or 0.81%, settling at $94.21 per barrel. Similarly, US West Texas Intermediate crude futures dropped by 88 cents, or 0.95%, reaching $91.28 per barrel.