WTI crude futures hovered near $91 per barrel on Tuesday after tumbling more than 6% in the previous session, pressured by growing optimism over a possible US‑Iran deal that could end the conflict and reopen the Strait of Hormuz. President Donald Trump said talks were making good progress but cautioned that new attacks could follow if negotiations break down. Meanwhile, a Pakistani mediator reportedly told Chinese officials that an agreement was close.
Washington and Tehran are working on a draft framework that would extend the current ceasefire for roughly two months, during which the US would lift its blockade and Iran would reopen the Strait of Hormuz. However, several critical issues remain unresolved, particularly Iran’s nuclear program and its insistence on retaining control over maritime traffic in the strategic waterway. At the same time, persistent tensions in the region — including reports of US and Israeli strikes on Iranian vessels — kept investors cautious.
