Oil Rebounds From Three-week Lows As US-Iran Talks Remain Uncertain
(RTTNews) - Oil prices rebounded on Tuesday, after having seen their biggest single-day decline in weeks to reach a three-week low the previous day on hopes for a diplomatic resolution to the U.S.-Iran war.
Brent crude futures were up 2.7 percent at $86 a barrel after plunging nearly 7 percent in the previous session.
WTI crude futures surged 2.3 percent to $82.20 after falling more than 5 percent on Monday.
Traders were reacting to mixed messages regarding U.S.-Iran peace negotiations. U.S. President stated that negotiations with Iran are already underway and they have been given a "last chance" to reach an agreement.
Trump outlined a two-stage roadmap for any potential agreement. "The first phase is the opening of the straits. The second phase will be the denuclearization," Trump said.
However, Tehran denied holding direct talks with Washinton and emphasized that the ongoing talks are only between Iran and Oman to ensure safe navigation through the Strait of Hormuz, a vital global oil shipping route.
Meanwhile, a cargo vessel was struck by an unknown projectile near AI Khasab, Oman, heightening regional tensions and raising fresh concerns over potential supply disruptions.
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