Oil Prices Volatile Amid US-Iran Diplomacy Tensions

Oil prices swung wildly on Tuesday as conflicting signals from Washington and Tehran over potential peace talks kept investors cautious about global energy supplies.

Brent crude futures rose 1.2% to $84.79 a barrel, while US West Texas Intermediate (WTI) crude gained 0.6% to $80.80 a barrel in early trade.

The rebound followed Monday's steep decline, when Brent fell nearly 7% after US President Donald Trump said he had paused planned military strikes on Iran to allow diplomacy.

However, Trump's comments were later disputed by Iranian Foreign Ministry spokesperson Esmail Baghaei, who denied that any negotiations with Washington were taking place.