Brent hovered around $83.5 per barrel on Tuesday after tumbling nearly 5% in the previous session, as investors monitored renewed US-Iran negotiations for signs the two sides could reach an agreement on fully reopening the Strait of Hormuz. President Donald Trump said his proposal for talks represents Tehran’s final opportunity to strike a deal and expressed confidence that Hormuz will reopen soon. Iran, however, denied that any direct talks with the US are underway, though it said discussions with Oman aimed at increasing shipping through the strait are progressing. Elsewhere, Turkey and Iraq extended a key oil pipeline agreement by another year, bolstering alternative export routes, while Kazakhstan resumed crude flows through the Caspian Pipeline Consortium following a brief disruption. Meanwhile, OPEC+ approved another modest output increase, completing the planned restoration of production cuts introduced in 2023.