Oil Prices Rise as Iran De-escalation Remains Unclear While Fighting Continues
Oil prices posted solid gains on Tuesday as investors remained uncertain about the credibility of potential peace talks between the United States and Iran. U.S. President Donald Trump reiterated that negotiations were ongoing and said Iran had agreed to “never have a nuclear weapon,” even as hostilities showed few signs of easing.
May-expiry Brent crude futures, the global benchmark, rose 3.6% to $99.36 a barrel by 15:38 ET (19:38 GMT), while WTI crude futures climbed 4% to $91.66 a barrel.
The rebound followed Monday’s sharp selloff, when oil prices tumbled as much as 14% after Trump temporarily postponed a threat to bomb Iran’s electricity grid, citing “very good and productive” talks with unidentified Iranian officials. However, uncertainty quickly returned as Iran denied any talks were taking place and the conflict continued with limited signs of de-escalation.
Speaking to reporters on Tuesday during a swearing-in ceremony for the U.S. Secretary of Homeland Security, Trump said, “Iran agreed they’ll never have a nuclear weapon.” He added that Secretary of State Mark Rubio and Vice President JD Vance were among those involved in negotiations with Iran.
Trump also claimed Iran had given the U.S. a “big gift worth a lot of money.” “It told me that we’re negotiating with the right people. It was a gift related to oil and gas,” he said, without providing further details.
Source : Newsmaker.id
