Commodities
Oil Prices Rebound on Renewed Middle East Tensions
Oil prices rebounded on Tuesday after concerns over Middle East supply were rekindled due to renewed diplomatic tensions.
The price of Brent futures rose $1.12, or 1.3%, to $84.89 a barrel by 0355 GMT, while U.S. West Texas Intermediate (WTI) crude was up 77 cents, or 1%, at $81.11.
Prices dropped after U.S. President Donald Trump said he was holding off on new attacks on Iran pending ongoing talks to end their war and settle claims over control of the Strait of Hormuz.
However, Iran's Foreign Ministry spokesman Esmail Baghaei rejected Trump's claim, saying no negotiations with the U.S. were taking place and no meetings were scheduled.