Brent climbs to $73.15/barrel, WTI slips as oil markets send mixed signals ahead of US-Iran diplomacy

Oil prices traded mixed on Tuesday (June 30) as investors weighed the prospects of renewed US-Iran diplomacy against lingering uncertainty over crude exports from the Persian Gulf and shipping through the Strait of Hormuz.

As of 9 am Tokyo time (0000 GMT), Brent crude, the international benchmark, rose 1.16% to $73.15 per barrel, while US West Texas Intermediate (WTI) slipped 0.7% to $70.20 per barrel, according to market data.

The divergence reflected continued caution among traders as geopolitical risks remained elevated despite signs that commercial shipping through the Strait of Hormuz has begun to recover gradually following weeks of disruptions.

Murban crude, the benchmark produced in the United Arab Emirates and widely used by Asian refiners, outperformed both major benchmarks, climbing 3.94% to $69.16 per barrel.

This suggests sustained demand for Middle Eastern crude grades as buyers monitor regional supply risks.

Meanwhile, US natural gas futures were little changed, easing 0.16% to $3.176.

Markets are closely watching diplomatic developments after President Donald Trump said US officials were expected to meet with Iranian representatives on Tuesday in Qatar.

Tehran, however, has denied that any negotiations are scheduled, saying discussions are currently limited to implementing provisions of a preliminary memorandum of understanding between the two countries.

The conflicting signals have left traders uncertain about the outlook for sanctions, Iranian oil exports and broader stability in the Gulf.

Although commercial vessels continue to transit the Strait of Hormuz, traffic remains well below pre-conflict levels, with many shipowners and insurers proceeding cautiously despite a fragile improvement in maritime security.

Analysts said oil prices are likely to remain volatile until there is greater clarity on the status of U.S.-Iran negotiations and stronger evidence that crude exports through the Gulf have returned to normal.