Crude oil futures rose slightly, with the market focused on the situation in Iran.

Crude oil futures edged higher, as the US and Iran plan to hold talks, easing concerns about imminent US military action. Morgan Stanley has raised its price forecast for Brent crude in the second and third quarters to $62.50 and $60 per barrel, respectively, up from its previous forecast of $57.50. Analysts at Morgan Stanley said possible scenarios for the Iran situation include: a peaceful resolution through negotiations without supply disruptions, or a large-scale US attack followed by an Iranian response leading to delays in oil tankers and a reduction in global crude oil exports. Their key point is that "actual supply is unlikely to be significantly disrupted," and that while the complete and sustained closure of the Strait of Hormuz is not impossible, they do not consider it a core scenario. Brent crude rose by 0.3% to $71.95 per barrel, while West Texas Intermediate rose by 0.4% to $66.73.