Oil prices moved higher during Tuesday's trading session, but the overall market picture remains mixed. Brent crude and US West Texas Intermediate (WTI) crude futures are still heading for their biggest quarterly losses since the COVID-19 pandemic despite the day's gains. Investors are watching several developments that could influence the market, including possible diplomatic discussions between the United States and Iran, shipping activity through the Strait of Hormuz, and changing global supply expectations. Analysts are also reviewing updated price forecasts after concerns about supply disruptions eased. These factors will play an important role in determining whether crude oil prices continue to recover or face renewed pressure.
