Oil Extends Rally As US-Iran Peace Deal Hopes Fade
(RTTNews) - Oil prices extended their surge on Tuesday amid fresh doubts over the U.S.-Iran ceasefire.
Brent crude futures for July delivery were up more than 3 percent at $107.47 a barrel, extending gains from the previous session on concerns that the Strait of Hormuz may stay effectively closed for an extended period. WTI crude futures for June delivery jumped 3.6 percent to $101.55.
Supply concerns returned to the fore after U.S. President Donald Trump said the fragile ceasefire between Washinton and Tehran was on "massive life support."
Reports indicate that the Trump administration may consider military action against Iran due to growing frustration over deadlocked negotiations.
Trump told Fox News earlier on Monday that he's looking at reviving a plan to escort ships through the Strait of Hormuz.
Saudi Aramco officials have warned that even if the Strait of Hormuz blockade ended immediately, global oil markets may not fully stabilize until 2027.
Elsewhere, Israel has launched new air strikes targeting Tehran and expanded its military campaign in include attacks on Iran-backed Hezbollah militants in Lebanon.
According to a Wall Street Journal report, the United Arab Emirates secretly entered the Middle East war and carried out attacks on Iran last month.







