NEW YORK, June 2 Oil prices were little changed in volatile trade on Tuesday as the market waited for news on the war in the Middle East as Iran reviewed a proposed agreement with the United States to halt the war.
Brent futures were up 17 cents or 0.2% to $95.15 a barrel at 10:19 a.m
EDT (1419 GMT), while U.S. West Texas Intermediate (WTI) crude rose 5 cents, or 0.1% to $92.21. Earlier in the session, both contracts were down over $2.
Iran is reviewing a proposed agreement with the U.S. to halt their war but has not communicated with Washington for a few days, Iranian media reported on Tuesday, after U.S. President Donald Trump said negotiations were ongoing. “The market is currently focused on whether there’s any concrete progress or setbacks in U.S.-Iran negotiations, the tone and substance of statements from both sides (particularly Iran’s threats regarding the Strait of Hormuz), and actual physical tanker movements through the waterway,” said Tim Waterer, chief market analyst at KCM Trade. More than three months after the U.S. and Israel launched strikes against Iran, the conflict has morphed into a stalemate with the pivotal Strait of Hormuz largely shut.