Oil prices were little changed Tuesday after the United States and Iran prepared for new negotiations after a surge in hostilities underscored uncertainty surrounding efforts to secure a lasting peace.
Iran and the United States confirmed on Tuesday that they would send representatives to Doha, the capital of Qatar. It was unclear whether the two sides would meet directly. Maritime traffic crossing the Strait of Hormuz, disrupted for months, rebounded on Monday after many shipowners held back this weekend in the face of tit-for-tat strikes from Iran and the United States.
Brent crude, which recovered last week after an escalation in hostilities, has since returned to near pre-war levels. But the repercussions of the war remain visible on the foreign exchange market.
In Japan, a major importer of Middle Eastern oil and gas, the yen fell to its lowest level against the U.S. dollar in nearly 40 years as rising energy costs weighed on the currency and fueled inflation concerns. On Tuesday, the yen was trading around 162 to the dollar, a level not seen since 1986.
