Oil Prices Edge Higher Amid Middle East Tensions

Oil prices edged higher after Monday's decline as market participants grappled with conflicting signals on the prospects for a diplomatic resolution in the Middle East.

US President Donald Trump stated that talks with Tehran were underway, but Iranian officials disputed this, saying no negotiations were taking place.

The discrepancy has left markets uncertain, while Trump's repeated threats could fuel concerns over a re-escalation of tensions.

Talks between Iran and Oman regarding the administration of the Strait of Hormuz continue, but have offered little relief to the physical market, with security concerns persisting as incidents involving ships continue.