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Oil prices posted modest gains in Asian trading on Tuesday after suffering a sharp selloff in the previous session, as investors assessed conflicting signals surrounding potential U.S.-Iran negotiations and their impact on global crude supply.
Brent crude futures for October delivery rose 0.4% to $84.14 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for September climbed 0.4% to $80.65 per barrel. The recovery followed a nearly 5% decline on Monday, when optimism over possible diplomatic progress between Washington and Tehran triggered heavy selling.
Market sentiment remained cautious after U.S. President Donald Trump said discussions with Iran were underway, calling them the country's "last chance" to reach an agreement. Trump also suggested the Strait of Hormuz could be reopened quickly, signaling hopes for reduced geopolitical tensions in the region.
However, Iran disputed those claims. State media quoted Foreign Ministry spokesperson Esmaeil Baqaei as saying Tehran is not engaged in direct negotiations with the United States. Instead, Iran is reportedly working with Oman to establish safe vessel traffic through the Strait of Hormuz, one of the world's most critical energy shipping routes.
The contradictory statements from Washington and Tehran left traders hesitant to take aggressive positions following Monday's steep decline. Earlier, oil prices had fallen after Trump revealed he had canceled planned U.S. military strikes on Iran in favor of renewed diplomatic efforts.
The Strait of Hormuz remains a major focal point for energy markets, as roughly 20% of global oil consumption typically passes through the strategic waterway. Any disruption or breakthrough involving the route has the potential to significantly influence crude prices.
Analysts expect oil markets to remain highly volatile in the coming days, with price movements largely driven by fresh geopolitical developments and official statements from both governments.
Adding to supply concerns, new data released Monday showed U.S. crude exports fell to 3.66 million barrels per day in July, the lowest level in eight months. The decline reflected weaker demand for American crude as increased Middle Eastern supply entered global markets following June's temporary ceasefire, further influencing the outlook for global oil prices.
