Brent crude futures slipped toward $110 per barrel on Tuesday, easing from recent highs after U.S. President Donald Trump said he had paused a planned military strike on Iran following appeals from key Persian Gulf allies.
Trump said Saudi Arabia, Qatar and the United Arab Emirates urged Washington to delay military action to allow room for negotiations, raising hopes that diplomatic talks between the United States and Iran could resume after days of escalating tensions.
The comments helped cool oil markets that had rallied sharply over the past week amid fears of wider conflict in the Middle East and continued disruption around the Strait of Hormuz, one of the world’s most important oil shipping routes.
Brent crude was trading around $110 per barrel during Tuesday’s session, down from recent intraday highs above $112, while U.S. West Texas Intermediate crude also edged lower to around $103–$104 per barrel.
Despite the pullback, market sentiment remains fragile as uncertainty surrounding Iran’s nuclear programme and restrictions around the Strait of Hormuz continue to cloud prospects for a breakthrough in negotiations.
Oil prices have remained elevated amid concerns that prolonged tensions in the region could further tighten global supply conditions, particularly as shipping activity through the strategic waterway remains heavily constrained.
Meanwhile, the United States issued a fresh waiver permitting the sale of Russian crude oil and petroleum products already loaded onto tankers, a move analysts say could provide limited relief to global supply pressures.
Investors are also monitoring U.S. crude inventory data after reports suggested American stockpiles may have fallen by another 3.4 million barrels, reinforcing expectations of a still-tight physical oil market despite the latest diplomatic signals.
