Crude oil futures retreated in early Tuesday trading as investors awaited developments from proposed peace negotiations between the United States and Iran in Doha.
The sell-off reflects a shift in sentiment as market participants weigh the potential for a diplomatic resolution to ongoing geopolitical tensions in the region.
66, down 0.34% in the session, while West Texas Intermediate (WTI) settled at $70.
Brent crude futures were quoted at $73.66, down 0.34% in the session, while West Texas Intermediate (WTI) settled at $70.41.
The modest decline underscores the market's cautious stance as traders balance supply disruption risks against the prospect of de-escalation.
The price action follows a period of volatility driven by uncertainty over the US-Iran relationship.
Earlier in the week, crude prices had already softened as optimism grew that a peace deal was nearing finalization.