Oil Prices Edge Higher Amid Ongoing Uncertainty Over U.S.-Iran Conflict

Oil prices rose modestly on Tuesday after sharp losses in the previous session due to concerns over Middle East energy supplies amid uncertainty over U.S.-Iran talks.

The Brent crude futures for the front-month contract increased by $0.62, or 0.7%, to $84.39 per barrel as of 0055 GMT, while U.S. West Texas Intermediate (WTI) crude gained $0.61, or 0.7%, to $80.95 per barrel.

The price increase follows U.S. President Donald Trump's announcement on Sunday that he would postpone new military strikes on Iran while diplomatic efforts continue to end the conflict and resolve disputes over control of the Strait of Hormuz.

However, Iranian Foreign Ministry spokesman Esmaeil Baghaei rejected Trump’s remarks on Monday, stating there are currently no negotiations with the United States and no meetings have been scheduled.