Brent Crude Oil Tops $70

Brent crude oil fell to $77 per barrel on Tuesday, its lowest level in nearly three months, as traders monitored advancements toward resolving the conflict with Iran. Following an interim peace deal that already reduced oil prices by 40% from their peak, a new 60-day US waiver now permits global buyers, including American refineries, to purchase Iranian crude and fuels. While both nations noted progress during talks in Switzerland and agreed to form four working groups to address nuclear issues and sanctions, discrepancies remain. Tehran disputed US claims regarding the immediate return of nuclear inspectors. Meanwhile, Persian Gulf supply is rising, with Kuwait and the United Arab Emirates finding shipping workarounds and Iran exporting over 30 million barrels in the past week. However, long-term market stability depends on protracted negotiations regarding Iran's nuclear capabilities, the Israel-Hezbollah ceasefire in Lebanon, and the secure reopening of the vital Strait of Hormuz.

Brent crude oil dropped to around $77.2 per barrel on Tuesday, extending losses from the previous session to its lowest level in nearly three months, as signs of progress in US–Iran peace talks eased supply concerns. In a significant development, Washington granted Iran a 60-day license to sell oil on international markets, raising expectations of a faster increase in global supply. Traffic through the Strait of Hormuz has picked up, with producers including Kuwait and the United Arab Emirates using alternative export routes, while Iran shipped more than 30 million barrels over the past week. However, uncertainty surrounding Iran's nuclear program persists, as Iranian media reports denied Vice President JD Vance's claim that Tehran would allow nuclear inspectors to return to the country.

Brent stabilized near $78 per barrel on Tuesday after facing pressure in the previous session, as investors assessed signs of initial progress in ongoing peace negotiations between the US and Iran in Switzerland. In a key development, Washington granted Iran a 60-day license to sell oil on international markets, raising expectations of a quicker recovery in global supply. Traffic through the Strait of Hormuz has also picked up, with producers including Kuwait and the United Arab Emirates finding alternative routes to export energy, while Iran shipped more than 30 million barrels over the past week. Meanwhile, Iran's nuclear program remains a major point of contention after Vice President JD Vance said Tehran had agreed to admit nuclear inspectors, a claim Iranian officials have denied.