FX.co ★ Brent Edges Higher Amid Uncertainty in US-Iran Talks

Brent crude oil futures increased to approximately $65.6 per barrel on Tuesday, driven by heightened uncertainty surrounding the US-Iran nuclear negotiations. On Monday, Iran's Deputy Foreign Minister, Majid Takhtravanchi, stated that discussions between Iran and the United States would be unproductive if Washington persists in demanding a complete cessation of Tehran's uranium enrichment activities. Concurrently, US President Donald Trump announced that Russia and Ukraine would "immediately" commence ceasefire talks following his conversation with Russian President Vladimir Putin. A potential ceasefire could facilitate increased Russian oil exports if sanctions are relaxed, potentially limiting further oil price increases. Oil prices also faced additional downward pressure due to Moody's downgrade of the US sovereign credit rating, which heightened concerns about the economic outlook of the world's leading oil consumer. Furthermore, slower industrial production and retail sales growth in China, the largest oil importer, added to the bearish sentiment.