WASHINGTON – The gobal oil prices recorded a mixed trend with a slight decline on Tuesday following a volatile session, as Brent crude eased to around $93 per barrel amid ongoing tensions between the United States and Iran.
West Texas Intermediate (WTI) remained relatively stable near $86 per barrel, as investors weighed changing expectations regarding supply risks in the Middle East and the prospects of renewed diplomatic talks between Washington and Tehran.
In the broader energy market, natural gas prices slipped by $0.010 (0.37%) to $2.665, while gasoline futures declined by $0.031 (1.01%) to $3.054, reflecting continued uncertainty across energy markets.
The slight decline follows a sharp rally a day earlier, when Brent surged 5.6% and WTI jumped 6.9% amid escalating geopolitical tensions.
Market concerns intensified after reports indicated that Iran had shut down the Strait of Hormuz, a key global oil transit route, while the United States seized an Iranian oil cargo vessel as part of heightened enforcement measures.
The disruption to a route responsible for nearly one-fifth of global oil supply triggered fears of a potential supply crisis, sending shockwaves through energy markets.
Meanwhile, Islamabad is set to host fresh talks from Wednesday after the United States and Iran agreed to resume detailed negotiations, raising hopes for a possible diplomatic breakthrough.
Market concerns intensified after reports indicated that Iran had shut down the Strait of Hormuz, a critical global oil transit route, while the United States seized an Iranian oil cargo vessel as part of heightened enforcement measures.
The disruption to a route responsible for nearly one-fifth of global oil supply triggered fears of a potential supply crisis, sending shockwaves through energy markets.
Meanwhile, Islamabad is set to host fresh talks from Wednesday after the United States and Iran agreed to resume detailed negotiations, raising hopes for a possible diplomatic breakthrough.
New petrol, diesel prices in Pakistan today as Strait of Hormuz reopens
