West Texas Intermediate (WTI) US Oil retreats on Tuesday, trading around $80.40 at the time of writing, down 1.28% on the day. The US benchmark gives back its previous gains after Qatar reported progress in negotiations between Iran and Oman regarding the Strait of Hormuz. Qatar’s Foreign Ministry said on Tuesday that talks between Oman and Iran have reached an advanced stage. Investors therefore remain attentive to details of the framework proposed by Iran and Oman for managing traffic around the Strait of Hormuz. Diplomatic uncertainty remains elevated also after Iran reportedly ruled out direct negotiations with Donald Trump for the remainder of his term.