Despite a shaky temporary ceasefire, WTI declines as traders consider possible US-Iran negotiations in Doha.
Tehran denied setting up any discussions with Washington, despite Trump's suggestion that US-Iran talks will take place on Tuesday.
Iraq is putting pressure on the oil supply, challenging cartel unity, and vigorously advocating for an increased OPEC quota in order to recover revenue.
During Asian market hours on Tuesday, the price of West Texas Intermediate (WTI) oil is still low, at about $70.10 per barrel. As markets keep an eye on possible US-Iran negotiations in Doha amid a precarious temporary ceasefire, crude oil prices are under pressure to decline.
Tim Waterer, Chief Market Analyst at KCM Trade, was quoted by Reuters as saying that although investors are pricing in anticipation of a favorable outcome, a meaningful normalization of oil flows through the Strait of Hormuz has not yet been observed. "The market is cautiously upbeat but still hedging its bets until we see more clear signs of de-escalation," said Waterer.
Following a weekend of escalating hostilities, US President Donald Trump stated that new peace negotiations were set for Tuesday in Doha, creating further geopolitical chaos. Iranian officials swiftly refuted the assertion, saying that no meetings of any kind with Washington are scheduled. Rather than focusing on forging a new final agreement, Iran stressed that it is still committed to its current memorandum of understanding.
Iraq is aggressively pressing for a greater OPEC (Organization of the Petroleum Exporting Countries) output quota, adding to supply strains and raising the possibility of conflict with the producer bloc. This action presents new difficulties for OPEC, which is already dealing with the consequences from regional conflicts and the unexpected withdrawal of the United Arab Emirates after over 60 years of membership.
Tehran denied setting up any discussions with Washington, despite Trump's suggestion that US-Iran talks will take place on Tuesday.
Iraq is putting pressure on the oil supply, challenging cartel unity, and vigorously advocating for an increased OPEC quota in order to recover revenue.
During Asian market hours on Tuesday, the price of West Texas Intermediate (WTI) oil is still low, at about $70.10 per barrel. As markets keep an eye on possible US-Iran negotiations in Doha amid a precarious temporary ceasefire, crude oil prices are under pressure to decline.
Tim Waterer, Chief Market Analyst at KCM Trade, was quoted by Reuters as saying that although investors are pricing in anticipation of a favorable outcome, a meaningful normalization of oil flows through the Strait of Hormuz has not yet been observed. "The market is cautiously upbeat but still hedging its bets until we see more clear signs of de-escalation," said Waterer.
Following a weekend of escalating hostilities, US President Donald Trump stated that new peace negotiations were set for Tuesday in Doha, creating further geopolitical chaos. Iranian officials swiftly refuted the assertion, saying that no meetings of any kind with Washington are scheduled. Rather than focusing on forging a new final agreement, Iran stressed that it is still committed to its current memorandum of understanding.
Iraq is aggressively pressing for a greater OPEC (Organization of the Petroleum Exporting Countries) output quota, adding to supply strains and raising the possibility of conflict with the producer bloc. This action presents new difficulties for OPEC, which is already dealing with the consequences from regional conflicts and the unexpected withdrawal of the United Arab Emirates after over 60 years of membership.
