Oil Prices Bounce Back as Iran-US Talks Remain Deadlocked

Oil prices rose on Tuesday as uncertainty surrounding US-Iran peace talks clouded market expectations. Front-month Brent futures LCOc1 increased by $1.04, or 1.24%, to $84.81 a barrel after dropping 7% in the previous session.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 30 cents, or 0.37%, at $80.64 a barrel following more than 5% decline in the prior session to its lowest in nearly a week.

Iran's Foreign Ministry spokesman Esmail Baghaei rejected US President Donald Trump's claim that negotiations were taking place, stating no meetings were scheduled.