FX.co ★ Oil Holds Decline on Hopes of US-Iran Breakthrough

Crude oil hovered near $96 per barrel on Tuesday after dropping more than 6% in the previous session, as signs of diplomatic progress between the US and Iran eased concerns over potential supply disruptions. Iranian President Masoud Pezeshkian said his government had received expanded authority from the country’s supreme leader to pursue peace negotiations, while US President Donald Trump indicated that talks had made progress. Iranian officials also noted that an agreement remained within reach after three days of Qatar-mediated discussions. These developments coincide with the start of the US midterm elections, as the Trump administration and the Republican Party face mounting political pressure over rising energy costs tied to the Iran conflict. The US oil benchmark had previously risen to multi-week highs on fears that Washington might resume military strikes against Iran after the midterm vote.