WTI Crude Holds Above $90 Amid Ongoing Middle East Tensions

West Texas Intermediate (WTI), the benchmark U.S. crude oil contract, has been trading near $93.00 during the Asian session on Tuesday. Despite renewed buying interest, WTI continues to oscillate within a multi-day trading band.

The geopolitical risk premium remains in place due to ongoing tensions around Iran and the Strait of Hormuz. US President Donald Trump rejected a peace proposal from Iran aimed at resolving their military confrontation and reopening the Strait of Hormuz immediately under Tehran's conditions.

Trump also dismissed reports that he had offered Iran sanctions relief and access to frozen funds in exchange for specific steps on its nuclear program. However, he confirmed that U.S. and Iranian negotiators exchanged messages on Monday and expected talks to resume this week.