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Oil prices pulled back on Tuesday as tentative optimism over renewed diplomacy between the United States and Iran cooled recent gains, while global equities held a firmer tone despite ongoing uncertainty.
Brent crude slipped 0.9% to $94.6 per barrel, and U.S. benchmark WTI declined 1.3% to $86.3 as of 6:08 a.m. GMT, reversing part of the sharp surge seen a day earlier.
Equity markets across Asia leaned positive, reflecting a cautious easing in risk sentiment. Japan’s Nikkei 225 advanced 0.9%, South Korea’s Kospi jumped 2.6%, and Hong Kong’s Hang Seng added 0.4%, while China’s Shanghai Composite edged down 0.1%.
In Europe, Stoxx 50 futures rose 0.4%, and major U.S. indices ticked up around 0.2%, signaling a restrained but visible recovery in investor appetite.
Safe-haven assets moved lower alongside oil. Gold dropped 0.8% to around $4,780, while silver fell 1.2% to $78.8 per ounce. Palladium and platinum each declined about 1%, standing at $1,534 and $2,050, respectively.
Cryptocurrencies moved in the opposite direction, with Bitcoin rising 1.9% to $75,790 and Ethereum climbing 1.6% to $2,300.
Markets recalibrated after Monday’s sharp sell-off, which had been triggered by escalating tensions in the Middle East. Crude prices had surged more than 5% after Iran shut down the Strait of Hormuz again, intensifying supply concerns.
That spike began to unwind as expectations resurfaced that Tehran could join a second round of talks with Washington in Islamabad. The possibility of negotiations reopening appeared to soften immediate fears, even if clarity remains limited. Still, Iran has not confirmed whether it will attend the discussions, leaving the diplomatic track fragile.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf pushed back against Washington’s approach, arguing that negotiations framed by pressure are unacceptable.
"Trump wants to turn this negotiating table into a surrender table or justify renewed hostilities, as he sees fit," he wrote on X. "We do not accept negotiations under the shadow of threats, and in the last two weeks we have been preparing to show new cards on the battlefield," he added.
A two-week ceasefire agreed to facilitate talks is set to expire overnight Tuesday, Iran time, adding urgency to an already tense situation.
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