WTI Oil Slips Below $80 Amid Hopes of US-Iran Peace Talks

Oil prices remain depressed on Tuesday, as hopes of a new round of peace talks between the US and Iran boosted expectations of a de-escalation in the Middle East conflict.

The US benchmark West Texas Intermediate (WTI) barrel is trading at around $80, about 12% below last week's peak after dropping 12% from highs.

US President Donald Trump helped boost market sentiment on Monday by affirming that 'there are very friendly negotiations going on' with Iran and adding that he thinks there is a 'very good chance that something could happen'. However, Tehran has denied any direct negotiations with US representatives.

Oman presented a plan proposing a voluntary fee to vessels crossing the Strait of Hormuz, which has regional backing. The fee would contribute to fund navigation, environmental protection, and search and rescue services, adding another layer of stability to the region.