Oil slips below $70 as markets await U.S.-Iran peace talks

Oil prices fell around 1% on Tuesday, slipping below the $70-per-barrel mark as investors weighed the prospects of renewed U.S.-Iran peace talks against lingering geopolitical tensions following recent military exchanges. While President Donald Trump announced that negotiations would take place in Doha, uncertainty persisted after Tehran stopped short of confirming its participation. Meanwhile, a stronger U.S. dollar, bolstered by expectations of multiple Federal Reserve rate hikes this year, added further pressure on crude prices. Investors now await the upcoming U.S. monthly jobs report for fresh signals on the Fed's policy outlook, while MCX July crude oil futures declined nearly 1% to Rs 6,671 per barrel.

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