Oil prices were largely unchanged on Tuesday, extending the previous session’s gains as investors weighed uncertainty surrounding US–Iran ceasefire negotiations and the risk of disruptions to the Strait of Hormuz, a critical global shipping route, according to The Economic Times.

Brent crude futures rose by 6 cents, or 0.06%, to $95.04 per barrel, while US West Texas Intermediate (WTI) slipped 17 cents, or 0.18%, to $91.99 per barrel. Both benchmarks had surged more than 5% in the previous session before paring some of those gains later in trading.

Market sentiment was influenced by mixed signals from Washington over the status of talks with Tehran. US President Donald Trump said he had not been informed that Iran had suspended negotiations with the United States, even as conflicting reports emerged suggesting a pause. He also stated that Israel had agreed to withdraw troops reportedly positioned for an operation in southern Lebanon.

Uncertainty deepened after Trump said in a CNBC interview that he would not mind if the negotiations had ended, before later posting on social media that discussions were still ongoing. He also told ABC News he expected an agreement that could extend the ceasefire and reopen the Strait of Hormuz “over the next week,” according to a post by the outlet on X.

Iran’s Tasnim news agency reported that Tehran had suspended indirect talks with Washington, adding to doubts over the progress of diplomatic efforts.

Traders remain focused on whether the negotiations will produce tangible progress or face renewed setbacks, particularly with regard to Iran’s position on the Strait of Hormuz and actual tanker movement through the strategic waterway.

Analysts said that even if a ceasefire agreement is reached, full normalization of shipping through the Strait of Hormuz could take several months, while any damage to energy infrastructure could delay recovery further.

Last month, Saudi Aramco Chief Executive Officer Amin Nasser warned that prolonged disruption in the Strait of Hormuz could push global oil market stability into 2027, noting that nearly 100 million barrels of oil per week could be affected if tensions persist. Saudi Aramco is the world’s largest oil producer.

Morgan Stanley described the oil market as being in a “race against time,” warning that factors currently preventing a sharper rally in crude prices could fade if the Strait remains closed through June.

The bank added that higher US crude exports and weaker demand from China have so far helped cushion supply risks, but cautioned that a prolonged closure could tighten global supplies again if those buffers are exhausted, The Economic Times reported.