Oil rises amid U.S.-Iran talk uncertainty

Oil prices slightly increased today, Tuesday, following a sharp decline in the previous session amid concerns over the ongoing threat to Middle Eastern supplies due to the war between the United States and Iran and the lack of a diplomatic solution. Brent contracts rose by 0.7% to $84.39 per barrel, after hitting their lowest level in three weeks. Similarly, the price of U.S. West Texas Intermediate crude increased to $80.95, the same percentage gain, after dropping more than 5% in the previous session. Prices declined after U.S. President Donald Trump announced he would postpone new attacks on Iran until talks to de-escalate are completed, despite Iran denying that any negotiations are currently underway. This keeps the market under pressure, with supply stability remaining uncertain, especially given the continuing dispute over control of the Strait of Hormuz.

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