On global markets, West Texas Intermediate (WTI) crude held near $66.5 per barrel, close to a six-month high, as investors weighed the prospects of a US–Iran nuclear deal and possible tariffs affecting global growth. Reports said the United States and Iran are preparing for further diplomatic talks, which have eased fears of a military escalation. However, markets are still cautious because any disruption to supplies through the Strait of Hormuz could quickly push oil prices higher.
At the same time, US President Donald Trump plans to increase global tariffs to 15%, following a Supreme Court decision that rejected a prior tariff programme. This has added uncertainty about the world’s economic growth, which in turn could dampen fuel demand. The mix of diplomatic progress and economic risk has kept traders focused on oil’s next moves.