FX.co ★ Crude Oil Pulls Back on Iran Deal Hopes

Crude oil fell below $82 per barrel on Tuesday after Pakistan indicated that the US and Iran may be nearing an arrangement aimed at easing tensions and potentially reopening the Strait of Hormuz. Pakistan’s Defense Minister Khawaja Asif said recent developments suggested the parties were “close to some sort of arrangement” and that conditions were shifting in favor of peace. Separately, talks between Iran and Oman on restoring maritime traffic through the strategic waterway were reportedly at an advanced stage, according to a Qatari Foreign Ministry spokesperson cited by Al Jazeera. These comments prompted oil prices to give up earlier gains, underscoring the market’s sensitivity to mixed signals surrounding the negotiations. Prices had previously climbed sharply after US President Donald Trump adopted a more confrontational stance toward Tehran, demanding reparations from Iran for deaths linked to attacks and domestic unrest.