WTI Price Maintains Gains Amid US-Iran Talks and Pipeline Restart

West Texas Intermediate (WTI), the US crude oil benchmark, has traded around $92.05 during early Asian trading hours on Tuesday.

The price of WTI has maintained mild gains as traders assess reports that Qatari mediators have pledged to hold talks with both the US and Iran in hopes of finding a peace deal to reopen the Strait of Hormuz.

Iran's Foreign Minister Abbas Araghchi stated on Monday that Tehran discussed proposals with Qatari mediators, which will be put to the US. He added that the US response will be conveyed through the Qatari mediators.

Araghchi also emphasized that the conditions set by Iran's Supreme Leader must be implemented for the Strait of Hormuz to reopen.

Saudi Arabia has restored about half the flows through its cross-country oil pipeline, bypassing the critical waterway after drone strikes halted the key export route earlier this month. This development may cap the upside for the black gold.