Oil Prices Swings on Conflicting Signals in the Middle East
Crude oil prices remained volatile on Tuesday, swinging between gains and losses as traders weighed conflicting signals over developments in the Middle East.
Prices initially came under pressure after Pakistan's Defense Minister Khawaja Asif said recent developments suggested the US and Iran were 'close to some sort of arrangement', with conditions appearing to move in favor of peace.
However, optimism was tempered by uncertainty over whether the Strait of Hormuz would actually reopen. A senior Iranian official stated that the waterway would remain closed until Tehran's conditions are met by Washington.
The US President Trump had adopted a tougher stance toward Tehran on Monday, demanding reparations from Iran for deaths linked to attacks and domestic unrest.