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Brent crude oil futures traded around $99 per barrel on Tuesday, near a five-week low, as markets balanced optimism over ongoing US-Iran negotiations against renewed military operations in southern Iran. Reports said the US military targeted missile launch sites and vessels suspected of preparing to deploy mines, with US Central Command stating the actions were intended to protect American forces in the region. At the same time, President Donald Trump said discussions with Tehran were progressing positively but warned that further strikes could follow if talks collapse. The US and Iran are currently negotiating a framework to extend the ceasefire by around two months, during which Washington would ease its blockade while Tehran would reopen the Strait of Hormuz.
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