Crude oil fell toward $82 per barrel on Tuesday, easing slightly from five-week highs as prospects improved for renewed peace talks between the US and Iran after several days of escalating attacks. Mediators worked on Monday to persuade both sides to accept a new ceasefire, with reports suggesting a potential 10-day truce.
Despite the latest pullback, oil prices have surged this month amid continued US strikes on Iran for a tenth straight day and Tehran’s ongoing retaliatory attacks on neighboring countries. Tensions further escalated after President Donald Trump warned that Iran would be held accountable for the deaths of three US service members. Meanwhile, Iran-backed Houthi militants declared a maritime embargo against Saudi Arabia, heightening concerns over energy shipments through the Red Sea.
