Oil Prices Rebound Amid Middle East Tensions

Oil prices rebounded on Tuesday after a sharp decline in the previous session as concerns about potential disruptions to Middle East energy supplies resurfaced.

The Brent crude futures price increased by $1.12, or 1.3%, to $84.89 a barrel by 0355 GMT, while U.S. West Texas Intermediate (WTI) crude rose 77 cents, or 1%, to $81.11 per barrel.

The recovery came despite U.S. President Donald Trump's previous statement that he was delaying further attacks on Iran while discussions continued over ending the conflict and resolving disputes related to the Strait of Hormuz.

Iran's Foreign Ministry spokesman Esmail Baghaei rejected Trump's claim, stating that no negotiations with the United States were underway and that no meetings had been scheduled.