Oil prices rose on Tuesday as a diplomatic resolution to the U.S.-Iran conflict remained uncertain, while disruptions to oil flows through key shipping routes persisted.Front-month Brent futures LCOc1 rose $1.04, or 1.24%,
Oil prices rose on Tuesday as a diplomatic resolution to the U.S.-Iran conflict remained uncertain, while disruptions to oil flows through key shipping routes persisted.
Front-month Brent futures LCOc1 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 CLc1 was up 30 cents, or 0.37%, at $80.64 a barrel after falling more than 5% in the previous session to its lowest in nearly a week.
Prices had dropped after U.S. President Donald Trump said on Sunday he was holding off on new attacks on Iran pending ongoing talks to end their war and settle claims over control of the key Strait of Hormuz.
On Monday, however, Iran's Foreign Ministry spokesman Esmail Baghaei rejected Trump's claim, saying no negotiations with the U.S. were taking place and no meetings were scheduled.
"The subsequent marginal gain in prices suggests that investors remain reluctant to fully price out the risk of renewed escalation leaving the market front and centre influenced by geopolitical headlines," said Ahmad Assiri, research strategist at Pepperstone.
Gulf Shipping Traffic Little Changed
The Hormuz dispute is a central
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