Oil prices recovered on Tuesday, with Brent August futures up 1% to $95.96 per barrel and WTI July futures up 1.5% to $93.53 per barrel, reversing earlier declines of up to 2.2%.
Iranian media reported that Tehran had stopped exchanging messages with Washington for several days, citing a pause to work toward a preliminary memorandum of understanding.
U.S. President Donald Trump and Secretary of State Marco Rubio publicly stated that negotiations were ongoing, with Trump asserting continuous dialogue on Truth Social and Rubio confirming talks in a Senate hearing.
A partial ceasefire between Iran‑backed Hezbollah militants and Israel in Lebanon was announced, and Israel reported intercepting two projectiles from Lebanon, slightly easing regional tensions.
Analysts at ING noted that oil price direction remains driven by Iran‑related headlines amid considerable uncertainty over the progress of U.S.–Iran negotiations.
The prospect of reopening the Strait of Hormuz remains uncertain, keeping market participants cautious.
