Oil Prices Rise on Uncertainty Over US-Iran Peace Talks
Oil prices have risen on Tuesday as uncertainty surrounding US-Iran peace talks continues to cloud the market.
The front-month Brent futures contract rose $1.04, or 1.24%, to $84.81 a barrel by 0800 GMT, after dropping 7% in the previous session to a three-week low.
U.S. West Texas Intermediate (WTI) crude was up 30 cents, or 0.37%, at $80.64 a barrel, following a more than 5% decline in the previous session to its lowest in nearly a week.
The price increase suggests investors remain cautious and are not fully pricing out the risk of renewed escalation in the conflict, according to Ahmad Assiri, research strategist at Pepperstone.
The Hormuz dispute remains a central sticking point in talks between the US and Iran, with Gulf exports remaining under pressure due to Iranian attacks on vessels constraining flows.