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Reports related to the topic suggested that Washington may consider stopping tankers carrying Iranian oil, and in case of failed negotiations over Iran's nuclear program, an additional aircraft carrier strike group could be deployed.

While the first talks held last week were positive, analysts believe investors are worried that failure of negotiations could lead to a US attack on Tehran, jeopardize Iran’s oil supply, or provoke retaliation.

However, an industry report from the US, which showed a sharp increase in inventories, hindered further gains. According to the report, inventories rose by 13.4 million barrels last week, and if this increase is confirmed by official data, it will be the largest increase since November 2023.

Investors will also be looking at the Organization of the Petroleum Exporting Countries (OPEC) monthly market outlook today. On Thursday, an evaluation will be released from the International Energy Agency (IEA), warning that supply will exceed demand, leading to a significant surplus this year.