Brent climbs above $73 a barrel while West Texas Intermediate declines amid uncertainty over oil exports.
Oil prices traded mixed on Tuesday (June 30) as investors weighed the prospects of renewed US-Iran diplomacy against ongoing uncertainty over crude exports from the Persian Gulf and shipping through the Strait of Hormuz.
As of 9 a.m. Tokyo time (0000 GMT), Brent crude, the global benchmark, rose 1.16% to $73.15 per barrel, while US West Texas Intermediate (WTI) slipped 0.7% to $70.20 per barrel, according to market data.
The divergence reflected ongoing caution among traders, as geopolitical risks remained elevated despite signs of a gradual recovery in commercial shipping through the Strait of Hormuz following weeks of disruption.
Murban crude, the UAE benchmark widely used by Asian refiners, outperformed both major oil benchmarks, rising 3.94% to $69.16 per barrel.
This points to sustained demand for Middle Eastern crude grades as buyers continue to assess regional supply risks.
Meanwhile, US natural gas futures were largely unchanged, slipping 0.16% to $3.176.
Markets are closely monitoring diplomatic developments after US President Donald Trump said American officials were expected to meet Iranian representatives on Tuesday in Qatar.
However, Tehran has denied that any negotiations are scheduled, stating that discussions are currently limited to implementing provisions of a preliminary memorandum of understanding between the two countries.
The mixed signals have left traders uncertain about the outlook for sanctions, Iranian oil exports and broader stability in the Gulf region.
Although commercial vessels continue to transit the Strait of Hormuz, traffic remains well below pre-conflict levels, with shipowners and insurers still proceeding cautiously despite a fragile improvement in maritime security.
Analysts said oil prices are likely to remain volatile until there is greater clarity on the status of US-Iran negotiations and firmer evidence that crude exports through the Gulf have returned to normal.
