U.S. West Texas Intermediate (WTI) crude futures fell 0.5% to $70.37 per barrel at 20:51 ET (00:51 GMT) in early Asian trade on Tuesday, while Brent crude futures had not yet opened in the region. President Donald Trump announced that the United States and Iran would hold peace talks in Doha later on Tuesday, tempering some of the supply‑risk premium that had built after fresh military exchanges over the weekend. Iran’s Deputy Foreign Minister Kazem Gharibabadi said Tehran would continue pursuing plans to jointly oversee maritime traffic through the Strait of Hormuz even if Oman chose not to participate, leaving uncertainty over future management of the strategic waterway. ANZ analysts warned that greater Iranian control of Hormuz traffic could slow the recovery of crude output from the Persian Gulf, while tighter refined‑fuel markets continue to point to underlying supply constraints that should support refinery margins even if crude prices remain subdued. Oil prices had settled higher on Monday after recovering from last week’s sharp sell‑off, but both Brent and WTI remain more than 9% below their recent peaks, trading at levels seen before the U.S.–Israel conflict with Iran escalated. Before the conflict, the Strait of Hormuz carried roughly one‑fifth of global crude oil and liquefied natural gas shipments.