Crude oil traded above $92 a barrel on Tuesday as markets weighed efforts to ease tensions in the Middle East against persistent uncertainty over US-Iran negotiations. Saudi Arabia has restored roughly half of the capacity on its East–West pipeline, with shipments to the Red Sea reaching at least 3.5 million barrels per day. This route offers a critical alternative to exports via the Strait of Hormuz and is helping to offset the lack of progress in diplomatic talks.
US and Iranian officials have continued separate talks through intermediaries, including indirect contacts via Qatar, while regional governments push for ceasefire negotiations. However, Iranian officials have privately voiced skepticism that any agreement can be reached before the US midterm elections in November. President Donald Trump has rejected an Iranian proposal to fully restore traffic through the Strait of Hormuz and has denied reports that Washington offered sanctions relief in exchange for nuclear concessions.