Oil prices mixed on Tuesday 

Oil prices mixed in Asian trade on Tuesday, with Brent down 0.86 per cent at $68.06 a barrel, as investors weighed supply risks after Iran launched naval drills near the Strait of Hormuz ahead of nuclear talks with the US. West Texas Intermediate (WTI) rose 0.51 per cent to $63.21 a barrel, reflecting Monday’s moves.

Asian markets, including China, Hong Kong, Taiwan, South Korea, and Singapore, were closed for Lunar New Year holidays. US envoys joined Iranian officials in Geneva negotiations mediated by Oman, with President Trump participating indirectly.

Geopolitical tensions, particularly in the Strait of Hormuz, are driving volatile swings in oil, while OPEC+ plans output increases from April to meet peak demand, and Citi forecasts Brent could ease to $60-62 a barrel by summer.

Attribution: Reuters