Crude oil futures are consolidating, and traders are assessing the development of the US-Iran situation.

Crude oil futures trading sideways, traders are assessing the development of the situation between the United States and Iran. Vice President JD Vance said that Iran failed to address America's core demands in Tuesday's talks, after which Washington agreed to give Tehran two weeks to bridge their differences. However, the strategy department of the West Pacific Bank commented that both the US and Iran continue to exert pressure. The department added that Iran appears to be conducting live-fire exercises in the Strait of Hormuz, while another US aircraft carrier is expected to rendezvous with the USS Abraham Lincoln in the Middle East by the end of March or April. Nearby months' futures for West Texas Intermediate crude oil remained relatively steady at $62.32 per barrel, while Brent crude oil futures for nearby months held steady at $67.44 per barrel.