FX.co ★ Oil Eases Ahead of US-Iran Talks in Doha

Crude oil retreated toward $70 per barrel on Tuesday, surrendering part of the prior session’s advance as investors shifted their attention to the resumption of US–Iran peace talks in Doha, with conflicting messages from both sides keeping the outlook uncertain. Iran’s Deputy Foreign Minister Kazem Gharibabadi reiterated that Tehran intends to continue managing traffic through the Strait of Hormuz even if Oman declines to take part. Under the current interim arrangement, Iran will refrain from levying transit fees for 60 days, while preserving the option to introduce such charges thereafter—a move opposed by the US, European countries, and Gulf Arab states. Shipments through the vital chokepoint slowed over the weekend after renewed tensions left two vessels damaged. Nonetheless, evidence that tanker operators and crews remain prepared to transit the Strait of Hormuz has bolstered expectations for a gradual normalization of global oil flows and the restoration of millions of barrels of supply.