Oil prices fell slightly as talks between the United States and Iran progressed, raising hopes for a de-escalation of bilateral tensions.

Oil prices are on the rise on Tuesday as Iran partially closed the Strait of Hormuz, a critical shipping path, to conduct military drills.

OPEC+ is forecast to resume oil output increases after pausing hikes in the first quarter, according to Kpler, which forecasts Brent to average $65 a barrel this year.

Crude oil futures fell to two-week lows Tuesday following signs of progress in negotiations between the U.S. and Iran, pressured by easing geopolitical tensions in the Middle East. Iran's foreign minister said his country and the U.

Crude futures lost ground as talks between the U.S. and Iran resumed with officials saying progress was made.