WTI crude oil futures fell to around $86 per barrel on Tuesday, retreating from the previous trading day’s gains as Iran signaled willingness to pursue further negotiations with the U.S. in Islamabad before the current two-week ceasefire agreement expires. The shift marks a change in Tehran’s earlier stance rejecting additional peace talks. President Trump stated he is unlikely to extend the existing ceasefire if no agreement is reached this week, with the Strait of Hormuz remaining blocked pending a deal. Tensions escalated after the U.S. seized an Iranian vessel last weekend, prompting Tehran to attack other ships and reassert control over the strategic waterway.
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