Oil prices increased on Tuesday amid concerns over supply disruptions, as Iran denied holding any talks with the United States to end the Gulf conflict, contradicting US President Donald Trump’s earlier suggestion that a deal could be imminent.
Brent crude futures climbed $4, or 4%, to $103.94 per barrel at 0400 GMT, while US West Texas Intermediate (WTI) rose $3.49, also 4%, reaching $91.62.
The gains followed a sharp drop of more than 10% on Monday, after Trump postponed planned attacks on Iran’s power plants by five days, citing discussions with unnamed Iranian officials that he said produced key agreements.
The ongoing conflict has disrupted nearly one-fifth of global oil and liquefied natural gas shipments through the Strait of Hormuz, though two tankers bound for India successfully passed through the strait on Monday.
Iran dismissed reports of contact with Washington, framing them as attempts to influence financial markets.
Meanwhile, the country’s Revolutionary Guards reported attacks on US targets and criticized the US administration’s statements as psychological operations.
