Energy Preview: Oil prices pull back as Trump signals renewed negotiations

International oil prices pulled back on Tuesday morning in Asia tracking after US President Donald Trump said he was holding off a military attack on Iran planned for Tuesday at the request of Gulf states. However, the crucial Strait of Hormuz shipping lane remains effectively closed due to the ongoing conflict between the US and Iran, that keeps the commodity supported above $100 mark. WTI crude oil futures are trading at $102.74 per barrel, down 1.4% on the day and Brent is down almost 2% at $109.82 per barrel. The release of the American Petroleum Institute (API) report, which will be published later today, is largely awaited.

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