Crude prices retreat slightly after six gains in seven sessions as traders weigh stalled negotiations and supply risks in the Middle East.
Crude oil futures declined modestly in cautious trading Tuesday, reversing recent gains as traders assessed the lack of progress in U.S.-Iran talks. Prices had risen in six of the last seven sessions amid fears of escalation, but eased after President Trump halted a planned military strike, reducing immediate supply disruption risks in the Strait of Hormuz.
Despite the temporary relief, uncertainty persists over long-term supply stability, with tensions remaining elevated. Downward pressure also stems from extended U.S. waivers allowing select countries to purchase Russian oil, maintaining alternative supply sources. Meanwhile, U.S. natural gas futures climbed on strong power demand driven by eastern heatwaves, contrasting with oil’s pullback.