Oil Resumes Climb On Doubts Over US-Iran Peace Deal

(RTTNews) - Oil prices rose sharply on Tuesday after American forces hit missile launch sites in Iran and boats trying to place mines, denting hopes of an imminent peace deal.

Elsewhere, Israel struck sites in southern Lebanon after Prime Minister Benjamin Netanyahu vowed further strikes.

Defense forces across the Gulf are on high alert as Iran pressed ahead with waves of missile and drone attacks on the UAE, Kuwait and Bahrain.

Brent crude futures for August delivery were up 3.3 percent at $96.50 a barrel while WTI July futures traded above $93 a barrel.

Negotiations to end the war in Iran continue, with Qatar acting as the most immediate mediator after the U.S. military carried out "self-defense" strikes in southern Iran, including on missile launch sites and boats placing mines.

Talks are going on and it's a lot of talking back and forth going on about specific language in the initial document, U.S. Secretary of State Marco Rubio said.

Elsewhere, the Israeli military has begun a wave of strikes against Hezbollah in the Bekaa Vally in the east of Lebanon and other parts of the country following an announcement by Prime Minister Benjamin Netanyahu that his country will intensify its attacks on Hezbollah.

In a post on Truth Social, U.S. President Donald Trump said he expected Iran to hand over its enriched uranium to the United States to be destroyed, or have it destroyed in Iran with an international witness.

Iran has publicly denied reports that it had agreed to transfer its enriched uranium stockpile abroad, exposing the fragile and uncertain nature of the ongoing talks.

Iran's Foreign Ministry spokesman Esmail Baqai said there was some progress in talks with the U.S., but a deal "is not imminent" and that no one can make such a claim.

Meanwhile, after Trump reignited debate over the Abraham Accords, Pakistan said it would not support any agreement that conflicts with the country's "fundamental ideologies."

Saudi Arabia said it would not normalize relations with Israel unless there is a clear and irreversible pathway towards the creation of a Palestinian state.

In other geopolitical news, Russia has threatened to launch a fresh wave of "systematic strikes" targeting command centers, military sites and drone facilities in Kyiv, while urging diplomats and foreign nationals to evacuate the Ukrainian capital.