Oil prices held steady near $69 per barrel on Tuesday, supported by lingering geopolitical tensions between the United States and Iran and uncertainty over global crude flows.
The US on Monday issued an advisory urging all American-flagged vessels to avoid Iranian waters while transiting the Strait of Hormuz, a key global shipping route.
The warning came even as officials from both countries reported positive progress in recent talks in Oman last Friday.
Despite the conciliatory tone, uncertainty remains over a potential breakthrough, with Iran insisting on retaining uranium enrichment, a key sticking point in negotiations with Washington.
Investors are also watching developments around India’s purchases of Russian crude. Under the latest US trade arrangements with India, Russian oil imports are linked to a freeze.
India is among the world’s largest buyers of Russian crude, and any halt in shipments could tighten global supply and provide additional support to oil prices.
Market participants said the combination of Middle East geopolitical risk and potential disruptions to Russian crude flows was keeping buyers cautious but steady, allowing WTI and Brent benchmarks to hold recent gains.
