Oil Steadies as Iran Denies Direct US Talks

Oil prices are trying to stabilize after Monday’s sharp selloff, as Iran pushed back against expectations of imminent talks with the US.

Iranian officials said there are currently no direct negotiations with Washington, with Tehran instead working with Oman on a temporary safe shipping route through the Strait of Hormuz.

That leaves the oil market in a familiar tug-of-war. Hopes for de-escalation are weighing on crude, but the supply risk around Hormuz has not disappeared.

Brent recently fell toward $84 a barrel, while WTI moved around $80. The latest US data also showed crude inventories falling by about 7.2 million barrels, suggesting physical demand remains relatively firm.

For now, $83-$84 is a key support zone for Brent. A sustained break below it could open the way toward $80, while renewed disruption around Hormuz could quickly send prices back toward $87-$90.

The next move in crude may depend less on what Washington says and more on whether oil tankers can actually move safely through Hormuz.