Crude oil climbed toward $81.8 per barrel on Tuesday, recovering part of the previous session’s sharp losses as uncertainty persisted over efforts to resolve the US-Iran conflict.
President Donald Trump said his proposal for talks represents Tehran’s final opportunity to reach a deal and expressed confidence that the Strait of Hormuz will reopen soon.
Iran, however, denied that any direct talks with the US are underway, though it said discussions with Oman aimed at increasing shipping through the strait are making progress.
Elsewhere, Turkey and Iraq extended a key oil pipeline agreement by another year, strengthening alternative export routes, while Kazakhstan resumed crude flows through the Caspian Pipeline Consortium after a brief disruption.
Meanwhile, OPEC+ approved another modest production increase, completing the planned restoration of supply cuts introduced in 2023.
