Hope for renewed U.S.-Iran talks puts pressure on oil prices, causing a pullback

1. In early Asian trading on Tuesday, oil prices fell, with Brent crude futures dropping as much as 2.87% to $96.50 and WTI crude falling as much as 23.47% to $95.69. In the previous session, both benchmarks had risen due to the US military blockade of Iranian ports.2. After US-Iran weekend peace talks broke down, Trump announced a blockade by the US military on ships departing Iranian ports, and Iran threatened to retaliate against neighboring Gulf ports. However, Trump later stated that Iran "wants to reach a deal"; sources familiar with the negotiations said that dialogue between the parties is ongoing, and the Pakistani Prime Minister also reiterated continued mediation, easing market concerns about supply risks.3. ANZ has raised its oil price forecast, now expecting Brent to end the year at $88 per barrel and to remain above $90 for the rest of 2026 (previously it was expected to be around $80).4. NATO allies (including the UK and France) have not joined the blockade operation and advocate for reopening the Strait of Hormuz. The US Energy Secretary expects the Strait to resume "substantial-scale" transit in the coming weeks, but oil prices may continue to rise before that. The IMF, World Bank, and IEA have called on countries to avoid energy hoarding and the implementation of export controls.