Brent crude rebounded toward $85 per barrel on Tuesday, recouping part of the previous session’s steep losses as uncertainty lingered over efforts to resolve the US–Iran standoff. President Donald Trump described his proposal for negotiations as Tehran’s last chance to secure an agreement and voiced confidence that the Strait of Hormuz would reopen soon. Iran, however, denied that any direct talks with Washington are taking place, while confirming that discussions with Oman aimed at boosting traffic through the strait are progressing.
In parallel, 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 after a brief outage. Meanwhile, OPEC+ signed off on another small production hike, completing the scheduled rollback of supply cuts introduced in 2023.
