Oil Prices Rebound Amid US-Iran Talks Uncertainty and Middle East Supply Fears

Oil prices rebounded on Tuesday, recovering some of the sharp losses from the previous session. The uncertainty surrounding US-Iran talks and concerns over potential disruptions to Middle East oil supplies supported the market.

Brent crude futures for October delivery rose by $0.62 (0.7%) to $84.39 a barrel after falling 7% on Monday, its lowest level in three weeks.

US West Texas Intermediate (WTI) crude also rose by $0.61 (0.7%) to $80.95 a barrel, following a decline of more than 5% in the previous session that pushed prices to their lowest level in nearly a week.