Geneva: Oil prices edged higher today though gains were capped as traders turned their attention to supply growth and demand prospects, while largely brushing aside easing geopolitical tensions in the Middle East. Brent crude futures rose 28 cents, or 0.39 percent, to $72.29 a barrel, while US West Texas Intermediate crude gained 29 cents, or 0.26 percent, to $68.84 a barrel, after settling near pre-war levels on Monday.

According to Oman News Agency, investors are closely watching US-Iran talks for signals on the future of shipping through the Strait of Hormuz, while also tracking the recovery of Gulf oil exports. Data showed the UAE raised crude output to more than 3.8 million barrels per day in June, its highest since April 2020 and above pre-war levels, after leaving the OPEC+ alliance in May 2026.

OPEC and its allies, including Russia, agreed on Sunday to raise output targets by 188,000 barrels per day from August 2026, following similar increases approved for June and July.