02.06.202614:57:51UTC+00WTI Wavers as Markets Assess US-Iran Peace Prospects

WTI crude oil futures hovered around $92 per barrel on Tuesday, following a 4.2% surge in the previous session, as traders assessed mixed signals regarding the prospects for a US-Iran peace agreement. Iranian news agencies cast doubt on progress in the talks, despite President Donald Trump’s assertion a day earlier that negotiations were ongoing. Trump said a memorandum of understanding to reopen the Strait of Hormuz could be finalized within the next week, though several outstanding issues remain.

Persistent uncertainty over a possible extension of the ceasefire and the outlook for shipping through Hormuz has kept oil markets volatile, after prices dropped sharply last month on optimism for a breakthrough. Further clouding the picture, Trump and Israeli Prime Minister Benjamin Netanyahu offered differing descriptions of their discussions on Lebanon, while Lebanese officials said talks aimed at broadening a US-brokered ceasefire are continuing this week.