Brent crude futures rose more than 2% on Tuesday after the U.S. military carried out strikes in Iran, keeping markets on edge as a deal to end the war and open up
Brent crude futures rose more than 2% on Tuesday after the U.S. military carried out strikes in Iran, keeping markets on edge as a deal to end the war and open up the Strait of Hormuz remained elusive.
Brent futures LCOc1 were up $2.36, or 2.5%, to $98.50 a barrel as of 0630 GMT, after settling 7% lower in the previous session.
U.S. West Texas Intermediate crude CLc1 was at $91.95 a barrel, up slightly from Monday's last traded price but down $4.65, or 4.8%, from Friday's close. There was no settlement on Monday due to the U.S. Memorial Day holiday.
While both contracts fell during the overnight session on hopes of a peace deal, the U.S. strikes in southern Iran and Israeli attacks on Hezbollah have boosted Brent prices and widened the spread with WTI, said Michael McCarthy, CEO of online trading platform Moomoo Australia.
U.S. Secretary of State Marco Rubio said on Tuesday that negotiating a deal with Iran could "take a few days," quashing hopes for an imminent end to the conflict a day after U.S. forces conducted what Washington called defensive strikes in southern Iran.
Tehran has effectively halted nearly all non-Iranian shipping into and out
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