Brent oil gains 2% as US military strikes on Iran add to uncertainty on potential peace deal
Oil prices rose more than 2% as U.S. strikes deepened doubts that Washington and Tehran can quickly reopen the Strait of Hormuz.
- On Tuesday, US Central Command struck missile launch sites and Iranian boats near the Strait of Hormuz, sending Brent crude climbing 1.5 per cent to $97.56 a barrel and derailing hopes of an imminent peace breakthrough.
- Diplomatic progress on Monday had created optimism when Iran's top negotiator travelled to Doha for talks with Qatar's prime minister, with both sides reporting progress on a memorandum of understanding to halt the three-month war and give negotiators 60 days to reach a final agreement.
- Crude had plummeted 7 per cent on Monday as peace talks sparked optimism, with WTI crude dropping more than 6 per cent to around $90 a barrel, though it fetched $91.25 on Tuesday, still 5.5 per cent below Friday's close.
- Trump said negotiations were proceeding nicely despite the fresh strikes but cautioned the US could resume military action if discussions collapsed, while traders remain heavily invested in a breakthrough to reopen the vital shipping corridor.
- A potential deal would require Iran to clear mines from the strait within 30 days, after which vessels from all countries could navigate freely, though Tehran has effectively halted nearly all non-Iranian shipping and choking off about a fifth of global oil and gas flows while driving prices up by 50 per cent or more.
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95 Articles
Oil prices jump 3%, stocks inch higher after Iran vows retaliation for US ‘self-defense strikes’
Oil prices jumped about 3% Tuesday morning after Iran vowed retaliation following the US military’s “self-defense strikes” in the Strait of Hormuz, though stocks ticked up as investors held onto hopes for a peace deal.
US strikes Iran amid talks of imminent peace deal
What happenedThe U.S. military on Monday night said it had “conducted self-defense strikes” on Iranian missile sites and “boats attempting to emplace mines,” interrupting a weekslong ceasefire after a weekend of positive signals about an imminent peace deal. Earlier, President Donald Trump said talks on ending the war were “proceeding nicely.” An Iranian Foreign Ministry spokesperson said a “large portion of the issues” had been resolved but no …
Oil operates high, recovering part of the fall recorded on the eve, while European exchanges retreat
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