West Texas Intermediate (WTI) crude continues its upward move for a second straight session, hovering near $66.80 per barrel during Tuesday’s Asian trading hours. The benchmark remains close to its six-month peak of $67.23 recorded on February 23.
Oil prices are rising on fears of possible supply disruptions linked to escalating tensions in the Middle East. Oman confirmed that a third round of negotiations between the United States and Iran will be held this week in Geneva, where US representatives Steve Witkoff and Jared Kushner are expected to meet an Iranian delegation.
US President Donald Trump stated that he favors a diplomatic solution with Iran as talks are set to resume Thursday. However, he warned Tehran could face serious consequences if a nuclear agreement is not reached. He also dismissed reports suggesting the Pentagon is concerned about the risks of a prolonged military conflict with Iran.
Despite the bullish momentum, the US Energy Information Administration (EIA) noted that growing global oil inventories could limit further price gains. The agency expects worldwide production to increase faster than consumption, leading to higher stockpiles. Global inventories are projected to rise by around 3.1 million barrels per day in 2026, larger than the increase seen in 2025.
At the same time, markets are also monitoring trade developments after the Trump administration signaled new national security tariffs across several sectors. The measures, proposed under Section 232 of the Trade Expansion Act of 1962, would be separate from the previously announced 15% global tariff.
