Oil prices were little changed on Tuesday, holding onto Monday's strong gains, as markets continued to assess uncertainty surrounding the U.S.-Iran ceasefire negotiations and the prospects of reopening the Strait of Hormuz.Crude oil price on June 2Brent crude futures were up 6 cents, or 0.06%, at $95.04 a barrel, while U.S. West Texas Intermediate (WTI) crude slipped 17 cents, or 0.18%, to $91.99 a barrel. Both benchmarks had surged more than 5% in the previous session, although they later gave up part of those gains. The pullback came after U.S. President Donald Trump said he had not been informed that Iran had suspended talks with Washington. He also said Israel had agreed to withdraw troops that were preparing for an attack in southern Lebanon.The comments followed conflicting signals over the status of negotiations. While Trump said on Monday that discussions with Iran were continuing, Iran's Tasnim news agency reported that Tehran had halted indirect talks with Washington.In a separate interview with CNBC, Trump remarked that he would not mind if the negotiations were over. However, shortly afterward, he posted on social media that talks were still underway. He also told ABC News that he expected an agreement to extend the ceasefire and reopen the Strait of Hormuz "over the next week," according to a post by the outlet on X.The market remains focused on whether the U.S.-Iran negotiations produce any tangible progress or face fresh setbacks. Traders are also closely monitoring statements from both sides, particularly Iran's comments regarding the Strait of Hormuz, as well as actual tanker traffic through the strategic waterway.Adding to the developments in the region, Lebanon announced a partial ceasefire between Hezbollah and Israel on Monday. The move is seen as a limited step toward easing tensions in a conflict that has contributed to the wider confrontation involving Iran.Analysts noted that even if a ceasefire is formally agreed upon, it could take several months for shipping activity through the Strait of Hormuz to fully normalize. Any damage to energy infrastructure may require an even longer period before operations return to full capacity.Last month, Saudi Aramco Chief Executive Officer Amin Nasser warned that disruptions in the Strait of Hormuz could postpone stability in global oil markets until 2027. He said prolonged disruptions could affect nearly 100 million barrels of oil supply every week. Saudi Aramco is the world's largest oil producer.Morgan Stanley described the current oil market as being in "a race against time," warning that the factors which have so far prevented a sharper rally in crude prices may begin to fade if the Strait of Hormuz remains closed through June.According to the brokerage, higher U.S. crude exports and weaker demand from China have helped cushion part of the supply shock. However, it cautioned that a prolonged closure of the strait could tighten global supplies again if disruptions persist beyond the extent that the U.S. and China can offset.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)