Ammon News - Oil prices rose 2% on Tuesday ‌as hopes for a deal to end the U.S.-Israeli war on Iran faded, with stark differences between Tehran and Washington on a peace proposal bringing supply concerns again to the fore.

Brent crude futures were up $2, or 1.9%, at $106.21 per barrel, while U.S. West Texas Intermediate ​gained $2.31, or 2.4%, to $100.38 by 0726 GMT. Both benchmarks climbed nearly 2.8% on Monday.

U.S. President Donald Trump said ​on Monday the ceasefire with Iran was "on life support", pointing to disagreements over several demands, such ⁠as the cessation of hostilities on all fronts, the removal of a U.S. naval blockade, the resumption of ​Iranian oil sales and compensation for war damage.

Tehran also emphasised its sovereignty over the Strait of Hormuz, through which about ​a fifth of global oil and liquefied natural gas flows.


Reuters