Global oil markets showed mixed reactions on Tuesday as renewed US military strikes on Iran failed to halt a sharp decline in the price of American crude oil.
West Texas Intermediate (WTI), the main US oil benchmark, dropped more than 5 per cent in early Asian trading despite escalating tensions in the Middle East. By around 0030 GMT, WTI crude was trading at $91.33 per barrel, down 5.46 per cent from the previous session.
In contrast, North Sea Brent crude, the international benchmark, moved in the opposite direction and rose 1.6 per cent to $97.68 per barrel.
The decline in oil prices came after investors grew increasingly optimistic about the possibility of a diplomatic breakthrough between Washington and Tehran that could eventually reopen the Strait of Hormuz - a key global shipping route for oil and gas exports.
Oil prices had already slipped below the $100 mark on Monday amid hopes that ongoing negotiations between the United States and Iran could help ease months of conflict and reduce disruptions to global energy supplies.
However, market sentiment remained uncertain after US Central Command confirmed fresh military strikes inside Iran. According to the US military, American forces targeted missile launch sites in southern Iran as well as boats allegedly attempting to deploy naval mines.
The attacks came while senior Iranian negotiators were arriving in Doha for another round of talks aimed at ending the conflict and preserving the ceasefire that has been in effect since 8 April.
Analysts said investors are now balancing two competing factors - the risk of renewed military escalation in the Gulf and growing expectations that a political agreement could eventually restore stability in energy markets and reopen vital shipping routes.
The Strait of Hormuz remains one of the world’s most strategically important waterways, carrying a significant portion of global oil exports. Any disruption there continues to influence international fuel prices and broader market sentiment.
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