Oil Prices Rebound on Trump-Putin Talks Snag
Oil prices rebounded on Tuesday as peace talks between the US and Iran hit a snag. Brent crude futures rose 1% to $84.61 a barrel, while WTI climbed 0.8% to $80.99.
The price increase came after US President Donald Trump said he had agreed to suspend new attacks on Iran pending peace talks and the reopening of the Strait of Hormuz. However, Iran's foreign ministry spokesman Esmail Baghaei rejected Trump's claim, stating that no negotiations with the US were underway and no meetings were scheduled.
The US Central Command said American forces continue to enforce a maritime blockade against Iran, with 44 commercial vessels redirected, two disabled, and two boarded as of August 3. Crude loading at the Saudi Red Sea port of Yanbu rebounded over the weekend, despite Houthi threats against vessels calling at the kingdom's ports.