Oil Prices Edge Up In Choppy Trade
(RTTNews) - Oil prices edged up slightly on Tuesday after falling in the previous session amid renewed diplomatic efforts to prevent a wider escalation of the U.S.-Iran conflict.
Brent crude futures rose 0.4 percent to $116.22 a barrel in choppy trade, hovering at the highest since June 2022, after Saudi Arabia announced the interception and destruction of four drones launched by the Houthi group toward the southern region. WTI crude futures were up 0.2 percent at $101.99.
Tensions in the Gulf region continued, with a Houthi official claiming that Egypt's authorization of military support for Saudi Arabia amounted to a "declaration of war" against Yemen.
Media reports suggest that Lebanese armed group Hezbollah is preparing for a possible resumption of hostilities with Israel after receiving financial support from Iran.
CNN reported on Monday, citing two U.S. officials that U.S. forces in West Asia are ready to launch new, potentially, major, military operation against Iran "within 96 hours of receiving" an order from President Trump and that the scope of operation could go beyond limited strikes on Iranian radars, missile launchers and other military assets that can be quickly rebuilt.
Investors were also reacting to diplomatic efforts involving Iran. A Qatari delegation was in Tehran on Sunday to work in co-ordination with the U.S. as part of ongoing efforts to de-escalate regional tensions and push for an interim deal.
Senior officials from Saudi Arabia, Pakistan and Turkey met Iranian President Masoud Pezeshkian for talks related to regional security amid renewed attacks on Saudi Arabia by the Iran-aligned Houthi militants of Yemen.
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