Trade Talks and Demand Worries Weigh on Oil Prices

The prices of oil futures saw a decline on Tuesday, as concerns over demand outlook intensified amidst ongoing uncertainties surrounding trade negotiations. Investors are closely monitoring the EU-US trade talks, aiming for an agreement before the August 1 deadline, when US President Donald Trump has threatened to impose 30% tariffs on most of the bloc's exports.

Iran's Nuclear Negotiations Add to Market Tensions

In related developments, Iran announced its intention to commence nuclear negotiations with European nations this week. These talks are part of efforts to revive the 2015 nuclear agreement and avert the imposition of new international sanctions.

Market Reaction

By 4:48 am ET, West Texas Intermediate (WTI) for September's settlements had fallen by 1.09% to $65.16 per barrel, while Brent for September's deliveries dropped by 1.27% to $68.44 per barrel.