Oil prices were steady on Tuesday as investors assessed the risk of supply disruptions after Iran conducted naval drills near the Strait of Hormuz ahead of nuclear talks with the United States scheduled for later in the day.
U.S. President Donald Trump said on Monday that he would be “indirectly involved” in the talks set to take place in Geneva, adding that he believes Tehran wants to reach an agreement. Earlier this week, Trump also stated that regime change in Iran “would be the best thing that could happen.”
Brent crude futures fell 0.2% to $68.59 per barrel by 0106 GMT, after rising 1.3% on Monday.
U.S. West Texas Intermediate crude rose 84 cents, or 1.34%, to $63.73 per barrel. However, this price movement reflects the full range of Monday’s trading, as no official settlement prices were issued due to the U.S. Presidents’ Day holiday.
— Reuters
