Crude oil slipped toward $70 per barrel on Tuesday, giving back some of the previous session’s gains as investors turned their focus to the resumption of US-Iran peace talks in Doha, while mixed signals from both sides continued to cloud the outlook.
Iran’s Deputy Foreign Minister Kazem Gharibabadi maintained that Tehran intends to continue overseeing traffic through the Strait of Hormuz even if Oman opts not to participate.
Under the current interim agreement, Iran will not impose transit fees for 60 days, though it leaves open the possibility of introducing charges afterward, a proposal opposed by the US, Europe, and Gulf Arab states.
Shipping through the strategic waterway slowed over the weekend after renewed tensions left two vessels damaged.
Still, signs that tanker operators and crews remain willing to transit the Strait of Hormuz raised hopes for a gradual normalization of global oil flows and the return of millions of barrels of supply.