• WTI falls as traders weigh potential US-Iran talks in Doha despite a fragile interim ceasefire.
• Trump claimed US-Iran talks would happen Tuesday, but Tehran denied scheduling any meetings with Washington.
• Iraq is aggressively pushing for a higher OPEC quota to recoup revenue, increasing oil supply pressures and testing cartel unity.

West Texas Intermediate (WTI) oil price remains subdued and is hovering around $70.10 per barrel during Asian market hours on Tuesday. Crude oil prices face downward pressure as traders monitor potential United States (US)-Iran talks in Doha amid a fragile interim ceasefire.

Reuters cited KCM Trade Chief Market Analyst Tim Waterer, who noted that while investors are pricing in hopes for a positive outcome, a true normalization of oil flows through the Strait of Hormuz remains unseen. “The market is cautiously hopeful but still hedging its bets until we see more tangible signs of de-escalation,” Waterer stated.

Geopolitical confusion deepened after US President Donald Trump announced that fresh peace talks were scheduled for Tuesday in Doha following a weekend of renewed hostilities. Tehran immediately contradicted the claim, with Iranian officials stating that no meetings with Washington are planned at any level. Instead, Iran emphasized it remains focused on its existing memorandum of understanding rather than negotiating a new final agreement.

Adding to supply pressures, Iraq is aggressively pushing for a higher OPEC (Organization of the Petroleum Exporting Countries) production quota, threatening a collision with the producer bloc. This move creates fresh challenges for OPEC, which is already reeling from regional conflict fallout and the shock departure of the UAE after nearly 60 years of membership.

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