Oil prices retreat as negotiations between Washington and Tehran ease supply disruption fears in key Middle East shipping lanes.
West Texas Intermediate crude fell to $82.60 per barrel in Asian trading, extending losses for a second day. The decline follows reports of ongoing US-Iran talks aimed at stabilizing the Strait of Hormuz, a critical chokepoint for global oil shipments.
Tanker traffic through the strait has rebounded after a recent slowdown, with the US Navy escorting vessels safely. Meanwhile, Saudi Arabia is leading efforts to form a maritime coalition to protect Red Sea shipping routes amid threats from Iran-backed Houthi militants.
Despite the pullback, WTI remains on pace for an 18% monthly gain, reflecting lingering concerns over potential supply disruptions from escalating Middle East tensions.