India, April 14 -- Global oil prices slipped on Tuesday as diplomatic signals emerged from both Washington and Tehran. The two sides appear open to renewed talks, even as the Strait of Hormuz the world's most vital oil artery remains closed.

Brent crude futures fell toward $98 per barrel, pulling back from Monday's highs. Earlier in the conflict, prices surged as high as $119 a barrel after the strait's closure. Following Trump's blockade announcement, US crude jumped 8% to $104.24, while Brent rose 7% to $102.29.

President Donald Trump confirmed that Tehran reached out to Washington first. Iranian President Masoud Pezeshkian then signalled he was open to further dialogue. However, he set one condition talks must stay within internation...