Oil Prices Rebound as US-Iran Diplomacy Hopes Rise
Oil prices rebounded on July 29 as optimism grew that the US and Iran might reach a diplomatic solution to end the war in the Middle East, which has lasted six months. The conflict between the two nations began in February.
The West Texas Intermediate rose above $80 a barrel after falling 14% over the past three sessions. Brent closed near $84 on Tuesday.
US President Donald Trump met with Israeli Prime Minister Benjamin Netanyahu to discuss ways to avoid renewed bombing in Iran, which would likely escalate tensions. Israel, which launched the war alongside the US in February, signaled a preference for negotiations over military action.
Tensions remain high in the region, with Saudi Arabian air defenses intercepting drones targeting oil facilities in the Eastern Region. Militias affiliated with Iran carried out the attack from Iraqi territories.