Oil Markets Hold Ground As Trump Emphasises Diplomacy With Iran

Oil prices remained stable with US West Texas Intermediate (WTI) crude hovering around $66 per barrel, following a relatively flat performance in Monday's trading session. The stability in oil markets comes amid heightened diplomatic efforts by former President Donald Trump regarding Iran. Trump's recent statements emphasize a preference for dialogue over military action, which has contributed to a cautious optimism in the energy sector. This diplomatic approach may influence future oil supply dynamics, particularly as tensions in the Middle East can significantly impact oil prices. Market analysts are closely monitoring these developments, as any shift in US-Iran relations could create volatility in global oil markets, which are already sensitive to geopolitical factors. As investors digest these signals, the oil market appears to be in a wait-and-see mode, balancing supply concerns with the potential for renewed diplomatic engagement in the region.