Oil Prices Soar as Trump Rejects Iran Deal Extension

Oil prices surged on Tuesday after US President Donald Trump's announcement that he would not extend a framework agreement with Iran, renewing concerns over supply disruptions.

The 60-day negotiating period under the agreement ended without a breakthrough, and Trump said the US had established 'total control' over the Strait of Hormuz, a key route for global oil shipments.

Brent crude futures traded at $91.16 per barrel, up 0.3% from Monday's close of $90.87, while US benchmark West Texas Intermediate (WTI) crude futures rose to $84.10 per barrel, a 0.03% increase from $84.07.

Trump's comments and the reported detention of an Emirati tanker near Iran's Qeshm Island heightened concerns over the safety of commercial shipping through the strait.