WTI slips toward $70 as mixed signals emerge from US-Iran negotiations.

WTI extends losses as conflicting reports on potential US-Iran peace talks fuel uncertainty over the Middle East outlook. President Trump said US and Iranian officials would meet in Doha on Tuesday, but Tehran denied that any talks with Washington had been scheduled. Meanwhile, although vessel traffic has slowed and several ships were damaged following weekend hostilities, tanker operators continue to navigate the strategically important waterway.

West Texas Intermediate (WTI) crude oil surrendered part of its recent advance, slipping toward $70.10 per barrel during Tuesday’s Asian session. The decline followed a mix of conflicting geopolitical developments in the Middle East and uncertainty surrounding potential diplomatic engagement between the United States and Iran.

According to CNBC, US President Donald Trump said Washington and Tehran were set to resume peace talks in Doha, Qatar, on Tuesday after a weekend marked by renewed tensions. Iran, however, swiftly rejected the claim, insisting that no meetings with US officials were planned at any level. Iranian authorities stressed that their priority remains implementing the existing memorandum of understanding rather than pursuing a final settlement.

Further clouding the outlook, Tehran reiterated its intention to monitor shipping activity through the strategically important Strait of Hormuz, even if Oman chooses not to take part. Under the temporary arrangement currently in place, Iran has agreed not to levy transit fees for 60 days, although it has suggested such charges could be introduced afterward. The idea has been strongly opposed by the US, European nations, and Gulf Arab countries.

Despite a slowdown in maritime traffic and damage to two vessels following weekend clashes, tanker operators and crews have continued to navigate the crucial shipping corridor, helping to ease immediate concerns over major supply disruptions.