RoydadNaft –  Brent crude futures slipped 26 cents, or about 0.3%, to $77.64 a barrel. U.S. West Texas Intermediate (WTI) crude futures declined 17 cents, or 0.2%, to $73.69 a barrel. 

According to Roydad Naft, oil prices showed little movement on Tuesday as investors monitored crude flows through the Strait of Hormuz following progress in U.S.-Iran peace talks.

Brent crude futures fell 26 cents (around 0.3%) to $77.64 per barrel, while U.S. WTI crude dropped 17 cents (0.2%) to $73.69 per barrel (as of 11:55 GMT).

Prices plunged more than 3% on Monday after the United States granted Iran a 60-day sanctions waiver following initial peace talks, with officials also reporting reduced tensions in Lebanon under a broader agreement.

Ole Hvalbye, a market analyst at SEB Research, said Venezuelan, Russian, and now Iranian crude is available to any buyer, with countries looking to build stocks to replenish reserves.

He added that in the short term, the easing of sanctions is unlikely to have a major impact on prices, as the U.S.-Iran understanding remains fresh and fragile.

An Iranian military source told Fars News Agency that a limited number of vessels are passing through the Strait of Hormuz each day, coordinated with the Islamic Revolutionary Guard Corps Navy.

U.S. President Donald Trump said on Monday that 19 million barrels of oil had exited the strait, and in a Tuesday social media post he highlighted the drop in oil prices.

The world has lost millions of barrels of oil and gas since the strait was closed due to the war. The waterway, a chokepoint for roughly one-fifth of global oil and LNG supply, has been shut for over three months.

Tamas Varga, an analyst at PVM Oil Associates, said: “Ship owners and operators need assurances that the mine threat has been fully neutralized. Damaged ports, debris in the water, and additional traffic are creating further obstacles to unrestricted movement.”

Two Iraqi oil officials told Reuters that Iraq has ramped up output from its southern fields to around 2.1 million barrels per day, while more tankers have lined up to load crude at Gulf export terminals.

Rabobank lowered its oil price forecasts, citing reduced risk of disruption in the Persian Gulf, and now sees Brent at $79 in the third quarter and $78 in the fourth quarter.

Geopolitical risks persist, however. Hezbollah announced that Israeli forces fired on civilians in southern Lebanon on Tuesday, describing the incident as a violation of the ceasefire agreement between the two sides.