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Commodities

WTI Oil Prices Edges Higher Amid US-Iran Uncertainty

Guavy AI Editorial Team
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Oil
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West Texas Intermediate (WTI) oil prices are edging higher on Tuesday amid uncertainty over US-Iran peace talks and supply concerns in the Middle East.

The WTI price has gained 0.75% to around $79.40 per barrel, but lacks follow-through buying, prompting caution before placing bullish bets.

US President Donald Trump cited resumption of negotiations as justification for calling off attacks over the weekend, contradicting Iran's statement that there were no talks underway with the US.

Rabobank's Benjamin Picton characterises the recurring tensions around the Strait of Hormuz as a 'Groundhog Day' for markets, warning that strikes typically resume, oil prices rally, equities sell, and bond yields rise.

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