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Oil steadies after three-session slide as US-Iran diplomacy gains
West Texas Intermediate rebounded above $80 a barrel after falling 14% over the prior three sessions, while Brent finished near $84 as attention turns to constrained Strait of Hormuz flows.
Oil prices held most of a three-day decline as markets leaned toward optimism that the US and Iran could reach a diplomatic path to end the Middle East conflict, now in its sixth month, according to LiveMint Markets citing Bloomberg. West Texas Intermediate climbed back above $80 a barrel after tumbling 14% across the previous three sessions.
Brent closed near $84 on Tuesday as US President Donald Trump met with Israeli Prime Minister Benjamin Netanyahu, with the stated focus on avoiding renewed bombing in Iran. Israel, which launched the war alongside the US in February, signaled support for talks, with an Israeli spokesman saying all parties favored an negotiated settlement over military action to prevent Tehran from developing a nuclear weapon.
Oil this month has swung sharply, rising when US-Iran hostilities re-escalated and the conflict spread to the Red Sea, then giving back gains as tensions cooled. Still, near-term pricing attention remains on physical crude movement, with traffic through the Strait of Hormuz reported as still constrained.
In parallel, the article notes tensions have not disappeared, including Saudi air defenses intercepting drones targeting oil facilities in the Eastern Region, and Iran-aligned militias launching attacks from Iraqi territories, the Defense Ministry said. On the diplomatic front, Iran rejected an Oman proposal for a shared route through Hormuz, arguing the inbound route must be entirely under Iran’s control, adding that the back of the crude futures curve could move higher unless a diplomatic solution is reached, per Rob Thummel of Tortoise Capital Advisors LLC.
Latest closeWTI crude $81.23 ▼1.7%|Brent $85.92 ▼2.8%