FX.co ★ Oil Falls on Hopes for More US-Iran Talks

WTI crude futures fell more than 2% to below $97 per barrel on Tuesday, erasing the prior session’s gains after reports suggested the US and Iran are weighing renewed talks to secure a longer-term ceasefire before the current two-week truce expires. President Donald Trump said Tehran had reached out to Washington, while Iranian President Masoud Pezeshkian indicated his government is prepared to continue talks, provided they remain within the framework of international law and regulations. The two sides failed to reach an agreement after 21 hours of talks over the weekend, leading Trump to announce a blockade on Iranian oil shipments. Separately, an OPEC+ report showed the group’s output fell by 7.9 million barrels per day in March, largely due to the shutdown of the Strait of Hormuz. Investors are now looking ahead to the IEA’s forthcoming monthly market report for clearer guidance on global supply–demand dynamics.