Oil Holds Decline on Hopes of US-Iran Breakthrough
Crude oil traded near $96 per barrel on Tuesday after plunging more than 6% in the previous session, as signs of diplomatic progress between the US and Iran eased fears of further supply disruptions. Iranian President Masoud Pezeshkian said his government had received greater authority from the country’s supreme leader to pursue peace negotiations, while US President Donald Trump indicated that progress had been made in the talks. Iranian officials also suggested that a deal remained within reach following three days of Qatar-mediated discussions. These developments come as the US midterm elections get underway, with the Trump administration and Republican Party facing growing political pressure over rising energy costs linked to the Iran conflict. The US oil benchmark had previously climbed to multi-week highs amid concerns that Washington could resume military strikes against Iran following the midterm elections.
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Crude oil traded near $96 per barrel on Tuesday after plunging more than 6% in the previous session, as signs of diplomatic progress between the US and Iran eased fears of further supply disruptions. Iranian President Masoud Pezeshkian said his government had received greater authority from the country’s supreme leader to pursue peace negotiations, while US President Donald Trump indicated that progress had been made in the talks. Iranian officials also suggested that a deal remained within reach following three days of Qatar-mediated discussions.
These developments come as the US midterm elections get underway, with the Trump administration and Republican Party facing growing political pressure over rising energy costs linked to the Iran conflict. The US oil benchmark had previously climbed to multi-week highs amid concerns that Washington could resume military strikes against Iran following the midterm elections.