Brent crude prices edged lower in Asian trade on Tuesday, with investors assessing potential supply disruptions after Iran conducted naval drills near the Strait of Hormuz ahead of nuclear talks with the United States.
By 0430 GMT, Brent futures were down 0.47%, or 32 cents, at $68.33 per barrel, following a 1.33% gain on Monday. U.S. West Texas Intermediate (WTI) crude rose 0.99% to $63.51 per barrel, reflecting Monday’s price action as the contract did not settle due to the Presidents’ Day holiday.
Markets across Asia, including China, Hong Kong, Taiwan, South Korea, and Singapore, were largely closed for Lunar New Year, limiting trading activity.
U.S. President Donald Trump said on Monday he would be involved “indirectly” in the Geneva talks and expressed optimism that Tehran wants to reach a deal, though he had previously stated that regime change in Iran “would be the best thing that could happen.”
Energy analysts note that oil prices remain sensitive to geopolitical developments in the Middle East, particularly near the Strait of Hormuz, a key route for global crude shipments, while holiday-thinned markets are contributing to price volatility.
