Why are oil prices up today, and will Brent and US WTI crude futures continue to rise or fall again? Oil market reacts to US-Iran talks, Strait of Hormuz developments and supply outlook

Why are oil prices up today, and will Brent and US WTI crude futures continue to rise or fall again? Oil prices posted gains during Tuesday's trading, but both Brent and US WTI crude futures remained on course for their biggest quarterly decline since 2020. Traders are watching US-Iran discussions, the Strait of Hormuz, global supply expectations, Iraq's crude pricing and analyst forecasts to understand where the oil market may move next.

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