Oil Prices Rise on Uncertainty Surrounding US-Iran Conflict
Oil prices rose on Tuesday as diplomatic efforts to resolve the US-Iran conflict continued to falter. The uncertainty surrounding a potential resolution kept investors cautious, with oil prices remaining volatile.
The front-month Brent futures price increased by $1.04, or 1.24%, to $84.81 a barrel, while US West Texas Intermediate (WTI) crude rose by 30 cents, or 0.37%, to $80.64 a barrel.
No negotiations between the US and Iran are taking place, according to Iranian Foreign Ministry spokesman Esmail Baghaei, despite US President Donald Trump's claims of holding off on new attacks pending talks.
Goldman Sachs predicts that Brent prices will remain in an $80-$90 a barrel range until there is either confirmation of a new US-Iran agreement or a significant escalation in attacks and targets.