Oil prices increased slightly on Tuesday amid ongoing uncertainty over talks between the United States and Iran and speculation around the potential reopening of the Strait of Hormuz, one of the world's most critical energy transit routes.

Oil prices sharply rose on Monday afternoon as Iran suspended all indirect talks with the US and vowed to fully close the Strait of Hormuz.

Oil prices held steady Tuesday, following Monday's surge, as global markets weighed U.S.-Iran ceasefire talks and the potential reopening of the Strait of Hormuz. Conflicting…