-- Brent futures slipped below $100 per barrel mark on Tuesday as tentative signs of revived peace talks tempered previous session's rally.
The Brent futures contract eased about 0.4% to $98.98 per barrel. Murban closed at $103.33 on April 13 and was not trading as of the time of publishing this oil price update.
While the US began blockading Iranian ports on Monday, market gains faded after President Donald Trump hinted at new contact from Tehran, despite warnings of a record global supply disruption.
"Crude oil gave up some of these gains late in the session after Trump claimed Iran wants to "work a deal" after the collapse of peace negotiations over the weekend," ANZ analysts said.
"Iran has not confirmed any further discussions. This suggests financial markets continue to look through the conflict to possible barrels being back on the market," they added.
While Trump did not provide specifics on the reported diplomatic outreach analysts observed that oil slipped back below the $100 threshold as traders priced in the possibility of a longer-term ceasefire.
These reports suggest a potential revival of talks before the current two-week truce expires, with Iranian President Pezeshkian expressing a conditional readiness for dialogue, analysts noted.
However, the situation on the water remains volatile. The US naval blockade of Iranian ports officially commenced Monday at 10:00 a.m. ET, an action Iran reportedly condemned as "an act of piracy."
Despite the slight cooling in futures, the physical reality of the crisis remains unprecedented.
International Energy Agency Executive Director Fatih Birol warned Monday that global oil supply disruptions have reached 13 million barrels per day, describing it as the greatest energy security threat in history.