Oil prices fell on Tuesday after the White House suggested a possible second round of negotiations with Iran.

Oil prices recorded a significant decline on Tuesday, with futures contracts for American oil for delivery in May dropping by nearly 7%, reaching $92.50 per barrel, while Brent oil, the international benchmark, fell by about 4% to $95.07 per barrel. This decline was influenced by indications from the White House regarding possible further negotiations with Iran, although nothing is scheduled at this time. Vice President JD Vance stated that the decision to continue discussions depends on Iran, following recent negotiations that did not yield progress. Meanwhile, the U.S. Navy has begun a blockade of Iranian ports, threatening Iran's oil exports through the Strait of Hormuz. Analyst Vivek Dhar warned that this measure will further tighten the oil market. The International Energy Agency estimated a decrease in global oil demand of 1.5 million barrels per day in the second quarter, the largest reduction since the COVID-19 pandemic, marking a significant shift from previous estimates.