Oil Retreats as Markets Look to U.S.–Iran Talks on Hormuz Blockade

Crude prices eased as traders focused on the upcoming second round of U.S.–Iran talks, which could determine whether disruptions around the Strait of Hormuz ease further and reduce supply risk. Hopes that a negotiated outcome will hold, following a fragile Israel–Lebanon ceasefire, pushed Oil – Brent Crude back below the $90 mark, though geopolitical risk premia remain embedded in futures curves.

Over the past month, Brent has slipped about 1.8%, reflecting a modest pullback from recent highs as supply fears partially receded and traders priced in a lower probability of prolonged chokepoint disruption. On a 1-day basis, technical indicators for Brent currently flash a Buy signal, suggesting short-term momentum remains constructive even as macro and geopolitical headlines drive elevated volatility.