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Commodities

Oil Prices Jump Amid Waning Hopes for US-Iran Peace Deal

Guavy AI Editorial Team
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Oil prices have risen over 2% on Tuesday amid weakening hopes for a near-term US-Iran peace deal. The increase came after US President Donald Trump stated that Washington would seek reparations from Tehran and that the US Navy has '100 per cent control' over the Strait of Hormuz.

Brent crude was trading at USD 89.806 per barrel, up 2.1%, while US crude was at USD 84.386 per barrel, up 2.3%.

Trump's comments came after he rejected Iran's demand for financial compensation over damages incurred during US-Israeli military operations in the country.

The latest developments have added to uncertainty over the prospects of a diplomatic settlement between Washington and Tehran, with oil prices responding to the changing expectations around the conflict and potential disruption to energy flows.

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