Commodities
Crude Oil Prices Recover Amid Hormuz Risks
Crude oil prices rebounded on Tuesday after a steep decline as uncertainty over US-Iran diplomacy restored some of the market's Middle East risk premium.
Brent crude approached $85, while WTI moved above $81 as traders assessed tanker security and restricted Strait of Hormuz traffic amid renewed escalation concerns.
The front-month Brent futures rose $1.12, or 1.3%, to $84.89 a barrel by 3:55 a.m. GMT on August 4, while U.S. West Texas Intermediate gained 77 cents, or 1%, to $81.11.
Monday's decline followed US claims that talks with Iran could reduce tensions and improve access through the Strait of Hormuz, but Iran denied negotiations were underway.