Global oil prices on Tuesday remained largely stable with marginal losses as the United States and Iran are expected to resume the second round of talks in Islamabad even as threats from President Donald Trump continued.
Global oil benchmark Brent crude was hovering at around $94.88 per barrel during Asian trading hours, about 0.6 percent lower.
The US’ WTI crude also slipped marginally to reach the $86.55 per barrel mark, weaker by around 1 percent.
The stable trend came as diplomatic efforts continued to bring the US and Iran to the discussion table.
While US Vice President JD Vance is expected to head to Pakistan today for scheduled talks, tensions between the warring nations remained high as Trump continued to threaten Iran with attacks on its energy infrastructure if the talks fail.
The US has also seized an Iran-flagged ship in the Strait of Hormuz.
This has received sharp reactions from the Iranian side. There is uncertainty over Iran’s participation in the peace talks.
It has warned of retaliation to US and Israel’s aggression. “The US is not learning its lessons from experience,” Iranian Ministry of Foreign Affairs spokesman Esmaeil Baghaei said on Monday, “and this will never lead to good results.”
The first round of peace talks ended without any breakthrough, as friction points on nuclear proliferation and Hormuz toll continued to hinder consensus between the warring sides.
The US and Iran had earlier agreed upon a two-week ceasefire, which is about to end on Tuesday. Both sides are under pressure to at least extend the ceasefire while continuing peace talks.
The world is grappling with a severe energy crisis after oil supplies from the Gulf region virtually stopped since the start of the war.
Diplomatic efforts have helped ease tensions, resulting in a decline in oil prices from the $115 per barrel mark at the height of the conflict.
