Crude oil futures traded higher on Tuesday morning as uncertainty over the proposed talks between the US and Iran persisted.At 9.36 am on Tuesday, October Brent oil futures were at $84.93, up by 1.38 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $81.13, up by 0.98 per cent.August crude oil futures were trading at ₹7750 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹7645, up by 1.37 per cent, and September futures were trading at ₹7562 against the previous close of ₹7461, up by 1.35 per cent.In a post on Truth Social, US President Donald Trump said: “Iranian Leadership is unbelievably duplicitous! They ask for a meeting, some would say “beg,” talks begin, with more scheduled in the immediate future, and they say, openly and proudly, that they’re not having any discussions, that nothing is being talked about, and they’re only dealing with “Oman.” They then go on to give their usual blather in saying, the Strait of Hormuz will be operated powerfully by them, when it is already completely controlled by the United States Navy and our “Blockade” or, as some say, “The United States Wall of Steel!” Nothing gets through to Iran, unless we want it to, and nothing will get through, unless a Deal, or Total Surrender, is accomplished. Whether Iran wants to admit it or not, we are, in fact, talking of a solution to a problem that they have caused, for decades. It is very simple, IRAN WILL NEVER HAVE A NUCLEAR WEAPON!”Following a weekend post by Trump where he stated that the US cancelled the planned attack on Iran to make a peace deal, Esmaeil Baqaei, Iran’s foreign ministry spokesperson, said his country was not in negotiations with the US.In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said: “We’ve been in this situation multiple times before, only to see things unravel. With Iran denying that any talks are underway and Trump issuing warnings if no deal materialises, the backdrop clearly leaves ample room for a renewed escalation.”In the Black Sea, recent days have seen more loading activity at the CPC terminal, which ships Kazakh oil from Russia’s coast. Loadings had been disrupted in recent weeks amid ongoing Ukrainian attacks on Russian energy infrastructure.There have also been risks for oil tankers operating in and around the terminal, leaving shipowners hesitant to load. For now, flows into the terminal still appear to be running below normal levels, they said.Published on August 4, 2026