Oil Prices Rebound As US-Iran Tensions Persist
(RTTNews) - Oil prices traded higher on Tuesday as uncertainty lingered despite U.S. President Donald Trump's decision to postpone potential strikes on Iran's energy infrastructure for five days.
Benchmark Brent crude futures traded up more than 2 percent at $98.25 a barrel after plunging over 10 percent in the previous session. WTI crude futures were up 3.4 percent at $91.09.
Huge explosions were heard in Tehran and other cities, as Iran denied it held talks with the U.S. to end the war.
"Iranian people demand complete and remorseful punishment of the aggressors," Iranian Parliament Speaker Mohammad Bagher Ghalibaf wrote in response to Trump's comments, adding that Trump's latest rhetoric "is used to manipulate the financial and oil markets and escape the quagmire in which the U.S. and Israel are trapped."
Iran's foreign ministry said Trump's remarks were "part of efforts to reduce energy prices and buy time" for military plans.
As the conflict entered its 25th day with no immediate signs of de-escalation, Saudi Arabia and the United Arab Emirates are edging toward joining the fight against Iran, the Wall Street Journal reported.
The White House has played down reports regarding possible U.S.-Iran talks in Pakistan, calling the situation "fluid" and diplomatically sensitive.
"These are sensitive diplomatic discussions, and the U.S. will not negotiate through the press," Press Secretary Karoline Leavitt said.
"We are continuing our strikes against Iran and Lebanon without pause," Israeli Prime Minister Benjamin Netanyahu said, adding he spoke with U.S. President Trump about safeguarding vital interests.
The Strait of Hormuz remains effectively shut with only a trickle of vessels making their way through the key waterway.
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