Further falls in oil prices on Tuesday "are based on glimmers of hope that both sides remain eager to reach a lasting peace deal," according to an analyst, the BBC reported, Gazeta Express reports.
The price of Brent crude oil fell 4.5% to a low of $94.87 a barrel on Tuesday, before recovering slightly.
“News of a possible second round of talks has been helpful in calming markets, along with the suggestion that Iran will not test the US blockade but will instead choose to halt shipments to avoid a military confrontation,” says Lindsay James, investment strategist at Quilter.
She says traders may also have been encouraged by signs that several sanctioned tankers “appear to have passed through the Strait of Hormuz earlier today but have since turned back.”
It could be that incorrect locations were shown in the tracking data, or that they indicate that US military pressure is being exerted across the Strait, she says.
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