Brent Edges Up on Middle East Uncertainty

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.

Brent crude futures stayed near $97 per barrel on Tuesday after plunging over 6% in the previous session, as rising optimism over a potential US-Iran agreement that would end the conflict and reopen the Strait of Hormuz continued to weigh on prices. President Donald Trump said negotiations were progressing well, although he warned that fresh attacks could follow if talks collapsed, while a Pakistani mediator reportedly told China that an agreement was nearing. 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 and Tehran would reopen the Strait of Hormuz. Still, several key issues remain unresolved, particularly Iran’s nuclear program and its demand to retain authority over maritime traffic through the vital waterway. At the same time, continued tensions around Hormuz, including reports of American and Israeli strikes on Iranian vessels, kept investors wary.

Brent decreased to 96.31 USD/Bbl, the lowest since April 2026. Over the past 4 weeks, Brent Crude Oil lost 5.18%, and in the last 12 months, it increased 49.42%.