British News Agency

However, oil prices retained most of Monday’s gains due to ongoing tensions between the United States and Iran, despite signs of progress in recent talks.

On Monday, the United States warned all U.S.-flagged vessels to stay clear of Iranian waters while transiting the Strait of Hormuz.

The warning came despite plans to continue negotiations following talks in Oman last Friday that were described as positive.

Still, uncertainty over potential progress remains, as Iran insists on continuing uranium enrichment activities, a key sticking point for Washington.

Investors are also monitoring developments in India’s purchases of Russian crude oil, as the latest U.S.–India trade deal is linked to a freeze on Russian oil imports. India is one of the largest buyers of Russian crude, and a halt in purchases could significantly support oil prices.