Oil Futures Edge Higher as US-Iran Deal Talks Dominate

Oil futures settled modestly higher on Tuesday after a choppy session, as market attention remained fixed on the evolving U.S.-Iran nuclear deal and its implications for global crude supply.

Prices swung between gains and losses after President Trump warned that the U.S. could resume attacks if Iran fails to comply with the agreement, but that risk was offset by reports that the signing of a memorandum of understanding could be brought forward, potentially leading to a quick reopening of the Strait of Hormuz. The strait is a critical chokepoint for about 20% of the world's oil transit, and any disruption there tends to inject a risk premium into crude prices. For fuel traders, the back-and-forth between bullish supply-risk headlines and bearish diplomatic progress creates a volatile environment. Checking NowPrice's fuel page can help track how these geopolitical shifts translate into real-time pricing at the pump.

Looking ahead, traders will watch for any official confirmation of the MoU signing date and further comments from both Washington and Tehran. The market is also monitoring OPEC+ output decisions and U.S. inventory data for additional direction. Until the deal's terms are finalized, oil prices are likely to remain sensitive to every new headline from the negotiations.