Crude oil rose toward $81.80 per barrel on Tuesday, retracing part of the previous session’s sharp losses as uncertainty lingered over diplomatic efforts to defuse the US-Iran conflict. President Donald Trump said his offer of talks represents Tehran’s final chance to reach an agreement and voiced confidence that the Strait of Hormuz will reopen soon. Iran, however, rejected claims that any direct negotiations with Washington are underway, while noting that discussions with Oman aimed at boosting shipping through the strait are making progress.
In other supply developments, Turkey and Iraq extended a key oil pipeline agreement for another year, reinforcing alternative export routes, and Kazakhstan resumed crude shipments via the Caspian Pipeline Consortium following a brief disruption. Meanwhile, OPEC+ approved another small production increase, completing the planned rollback of supply cuts that were introduced in 2023.
