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WTI crude futures held above $92 per barrel on Tuesday, extending gains of more than 5% from the start of the month, as stalled peace talks between the United States and Iran kept traders on edge over potential supply disruptions. On Monday, Iranian media reported that Tehran had suspended communications with Washington in response to Israeli strikes in Lebanon. The reports also suggested that Iran and its regional allies are weighing the possibility of a complete closure of the Strait of Hormuz and the Bab el-Mandeb Strait, a critical alternative route for global oil shipments.
At the same time, President Donald Trump said talks with Iran were still underway and indicated that a memorandum of understanding to reopen the Strait of Hormuz could be reached within the next week. Separately, Lebanese authorities called for any extension of the ceasefire agreement between Hezbollah and Tel Aviv to cover all Lebanese territory.
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