Oil rose on Tuesday as the world’s biggest supply disruption persisted and as Iran denied it had talks with the U.S. to end the war in the Gulf, contradicting U.S. President Donald Trump who said a deal could be reached soon, Reuters reports.
Crude futures had dropped more than 10% on Monday, after Trump ordered a five-day delay to attacks on Iran’s power plants, saying the U.S. had talks with unnamed Iranian officials that produced “major points of agreement.”
Brent futures rose $1.83, or 1.8%, to $101.77 a barrel at 1130 GMT. U.S. West Texas Intermediate (WTI) climbed $2.21, or 2.5%, to $90.34.
The war has all but halted shipments of about one-fifth of the world’s oil and liquefied natural gas through the Strait of Hormuz, causing what the International Energy Agency has called the biggest-ever oil supply disruption.
