Brent crude oil futures fell about 2% toward $93 per barrel on Tuesday, retracing part of Monday’s 4.2% rally, as investors assessed persistent uncertainty over US–Iran negotiations and the outlook for shipping through the Strait of Hormuz. Ongoing concerns that energy flows from the Persian Gulf could face prolonged disruption continued to fuel market volatility.
Prices had spiked on Monday after reports that Iran was suspending talks with Washington in response to Israel’s military operations in Lebanon. The rally later eased when President Donald Trump said negotiations with Tehran were still underway. Trump also indicated that a memorandum of understanding to reopen the Strait of Hormuz could be concluded as early as next week, though several key issues remain unresolved.
Conflicting signals from Trump and Israeli Prime Minister Benjamin Netanyahu over the situation in Lebanon further clouded the outlook, while Lebanese officials said additional ceasefire talks are scheduled for this week.
