Oil prices moved little on Tuesday after the United States and Iran prepared for further talks after a spurt of hostilities had underscored the uncertainty surrounding efforts to secure a lasting peace.
Both Iran and the United States have confirmed they are sending representatives to Doha, the capital of Qatar, on Tuesday. It was unclear if the two sides would meet directly. Shipping traffic through the Strait of Hormuz, disrupted for months, bounced back on Monday after many shipowners held back over the weekend in the face of tit-for-tat strikes by Iran and the United States.
Brent crude, which rallied last week after an escalation in hostilities, has since retreated to near prewar levels. But the war’s ripple effects remain visible in the currency market.
In Japan, a major importer of oil and gas from the Middle East, the yen fell to its weakest level against the U.S. dollar in nearly 40 years as higher energy costs have weighed on the currency and stoked inflation concerns. On Tuesday, the yen traded at about 162 to the dollar, a level not seen since 1986.
