Oil Prices Rebound Slightly as Middle East Tensions Persist
Oil prices recovered slightly on Tuesday after plummeting in the previous session due to ongoing tensions in the Middle East. The Brent crude futures rose by $0.62, or 0.7%, to $84.39 a barrel as of 0055 GMT.
The US West Texas Intermediate (WTI) crude price also increased by $0.61, or 0.7%, to $80.95 after falling over 5% in the previous session.
The uncertainty surrounding the US-Iran conflict and the safety of oil shipments through the Strait of Hormuz continues to weigh on prices.
US President Donald Trump's statement that he was holding off on new attacks on Iran pending ongoing talks has been disputed by Iranian officials, who claim no negotiations are taking place.
Analysts warn that oil prices could easily rebound higher if tensions escalate again or if vessels in the Strait of Hormuz come under attack.