WTI Crude Oil Falls to $86 Per Barrel on Tuesday as Iran Signals Willingness to Resume Peace Talks

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 send a delegation to Islamabad for a second round of talks with the U.S. before the current two-week ceasefire expires. The shift marks a change in Tehran’s stance, after previously stating it would not participate in further peace negotiations.

U.S. President Trump stated he is unlikely to extend the existing ceasefire if no agreement is reached this week, adding that the Strait of Hormuz will remain blocked until an agreement is reached. Tensions escalated after the U.S. seized an Iranian vessel last weekend, while Tehran attacked other vessels and reasserted control over the strategic waterway.