Global oil prices remained relatively stable in early trading on Tuesday following a recent decline triggered by the announcement of a U.S.-Iran framework agreement aimed at ending hostilities in the Middle East.
The August Brent crude contract traded at $82.76 per barrel, representing a marginal drop of just under 0.5 percent compared to the previous trading session, according to market data.
Oil markets have continued to hover around the $83 mark after sharp losses recorded over the weekend and early Monday, when the peace framework between Washington and Tehran was first announced.
Analysts say investor sentiment remains cautious due to uncertainty surrounding key details of the agreement, which is expected to be formally signed later this week in Switzerland.
The deal is reportedly intended to bring an end to the ongoing conflict and stabilise energy markets, though traders remain wary of possible disruptions in global supply routes.
Meanwhile, Iranian state media reported that several vessels have begun moving through the Gulf of Oman, a strategic maritime corridor previously affected by heightened tensions and a U.S. naval blockade.
According to Iran’s Press TV, at least three oil tankers and two cargo ships successfully passed through the area on Monday evening without incident, citing informed sources.
The Strait of Hormuz, a critical global oil transit route, remains a major focus in discussions surrounding the agreement, with stakeholders seeking assurances over its full reopening.
Market uncertainty persists as the full text of the U.S.-Iran agreement is yet to be released. U.S. Vice President JD Vance confirmed that the document will only be made public after the formal signing ceremony scheduled for Friday in Switzerland.
Energy analysts say the absence of detailed provisions continues to weigh on global oil prices, despite initial hopes that the deal could ease geopolitical risks in the region.
