Qatar Says Diplomatic Efforts Continue as Oil Prices Pare Gains

Oil prices pared gains on Tuesday after Qatar stated that efforts to secure a diplomatic resolution to the US-Iran conflict were continuing.

According to Giovanni Staunovo, a UBS analyst, oil prices are pairing earlier gains due to comments from Qatari officials saying a potential US-Iran resolution has been drafted.

The Hormuz dispute remains a central sticking point in talks, with Iran wanting control over inbound shipping through the Strait of Hormuz and visibility over outbound traffic.