Oil gains amid U.S.-Iran talks uncertainty
Oil prices modestly rose today, Tuesday, following a sharp decline in the previous session, amid concerns over ongoing threats to Gulf supplies due to the uncertainty surrounding U.S.-Iran talks and the risk to the Strait of Hormuz. Brent crude for near-month delivery traded at $84.39 per barrel, while West Texas Intermediate reached $80.95. This came after the announcement of a delay in U.S. attacks on Iran until potential talks conclude, despite Iran denying any negotiations are currently underway. The vital oil transit straits, especially the Strait of Hormuz, remain a point of disagreement and tension, with increasing threats to maritime security, adding pressure to the market despite the recent price decline.
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