Brent crude oil futures traded around $100 per barrel on Tuesday, with fresh tensions between the US and Iran clouding hopes for an interim agreement to reopen the Strait of Hormuz. Recent clashes included US strikes near the strait, while reports indicated the US Navy has resumed escorting tankers through the area. Iran’s Revolutionary Guard also claimed it fired at an F 35 fighter jet and several drones after they entered Iranian airspace. The developments come as negotiations continue to end a conflict that has disrupted global energy markets. Secretary of State Marco Rubio said talks may take several more days as both sides work on the wording of an initial agreement. Oil prices, which surged in March and April, are now on track for a monthly decline as markets weigh the fragile ceasefire and possible reopening of Hormuz against rapidly tightening global inventories.

Brent crude oil futures traded around $99 per barrel on Tuesday, near a five-week low, as markets balanced optimism over ongoing US-Iran negotiations against renewed military operations in southern Iran. Reports said the US military targeted missile launch sites and vessels suspected of preparing to deploy mines, with US Central Command stating the actions were intended to protect American forces in the region. At the same time, President Donald Trump said discussions with Tehran were progressing positively but warned that further strikes could follow if talks collapse. The US and Iran are currently negotiating a framework to extend the ceasefire by around two months, during which Washington would ease its blockade while Tehran would reopen the Strait of Hormuz.

Brent crude futures climbed above $98 per barrel on Tuesday, recouping some losses as fresh US military operations in southern Iran and ongoing peace negotiations kept investors on edge. The US military reportedly targeted missile launch sites and vessels suspected of attempting to deploy mines in southern Iran, with US Central Command saying the operations were aimed at protecting American troops in the region. At the same time, President Donald Trump said talks with Tehran were progressing well, though he warned that additional attacks could follow if negotiations broke down. The US and Iran are currently discussing a framework that would extend the ceasefire for roughly two months, during which Washington would lift its blockade while Tehran would reopen the Strait of Hormuz. Despite Tuesday’s rebound, oil prices are still down more than 10% over the past week amid growing optimism surrounding US-Iran negotiations.