Oil rises as fading hopes of quick end to Iran war reignite supply worries
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
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
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
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Oil rises as fading hopes of quick end to Iran war reignite supply worries
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