Markets remain cautious despite hopes for a breakthrough in negotiations.
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Oil prices slipped on Tuesday after a sharp rally a day earlier, as investors assessed the latest developments in US-Iran talks.
Brent crude fell 0.8% to $94.23 a barrel, while US West Texas Intermediate dropped 0.9% to $91.31.
The decline came after US President Donald Trump said negotiations with Iran were still ongoing, despite earlier reports that Tehran had suspended indirect talks with Washington.
Analysts said uncertainty over the negotiations and the future of shipping through the Strait of Hormuz continues to drive market sentiment.
Meanwhile, Lebanon announced a partial ceasefire between Israel and Hezbollah, offering limited relief to regional tensions.
Oil prices remain elevated as disruptions in Gulf shipping routes continue to raise concerns over global energy supplies.
