Dubai, UAE — Oil prices edged higher on Tuesday after a sharp decline in the previous session, as investors weighed progress in U.S.-Iran talks against uncertainty over the pace of restoring crude flows through the Strait of Hormuz.
Brent crude futures rose 24 cents, or 0.38%, to $78.15 a barrel by 0026 GMT, while U.S. West Texas Intermediate crude gained 33 cents, or 0.46%, to $74.19 a barrel.
The gains followed a selloff of more than 3% on Monday, when oil prices fell after signs of progress in negotiations between Washington and Tehran helped ease concerns over potential disruptions to global crude supplies.
Oil markets have remained volatile in recent weeks amid developments surrounding U.S.-Iran diplomacy and the future of shipping through the Strait of Hormuz, a key route for global energy supplies.
Prices fell last week after the United States and Iran announced a framework agreement aimed at ending hostilities and reopening the Strait of Hormuz, easing concerns over supply disruptions.
On Monday, crude prices extended losses after officials said progress had been made in talks held in Switzerland and that the Strait of Hormuz remained open, reducing immediate supply concerns.
Precious metals decline
Gold prices fell more than 1% on Tuesday, pressured by a stronger U.S. dollar and expectations that the Federal Reserve could raise interest rates later this year.
Spot gold was down 1.1% at $4,142.61 an ounce as of 0414 GMT, while U.S. gold futures for August delivery fell 1% to $4,160.20.
The dollar held near a one-year high reached late last week, making gold more expensive for holders of other currencies.
Among other precious metals, spot silver fell 3.3% to $63.05 an ounce, platinum lost 1.9% to $1,646.30, and palladium declined 1.8% to $1,242.75.
