Oil Extends Rally On Heightened Supply Concerns
(RTTNews) - Oil held on to a four-day rally to hit over one-week high on Tuesday amid fading hopes for a deal between Washington and Tehran to reopen the Strait of Hormuz, a critical waterway for global energy supplies.
Brent crude futures jumped more than 2 percent to $89.86 a barrel due to lingering uncertainty over when the Strait of Hormuz may reopen. WTI crude futures were up 2.8 percent at $84.41.
Supply concerns intensified amid growing doubts over a near-term agreement to reopen the Strait of Hormuz.
Iran said a pact with Oman to establish a shipping route through the critical waterway was "very close," while rejecting direct negotiations with Washington until several conditions are met.
U.S. President Donald Trump said the U.S. is semi-negotiating with Iran and wants Iran to remain under economic pressure.
After Tehran sought financial compensation over damages incurred during the U.S.-Israeli military operations in the country, Trump said he has instructed American representatives to firmly include compensation demands from Iran in any future negotiations, complicating efforts to reopen the crucial waterway.
As the Iran war disrupts global supplies, U.S. crude inventories in the Strategic Petroleum Reserve fell below 300 million barrels for the first time since January 1983, data showed.
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