Oil prices rose more than $1 on Tuesday, as an Iranian official said a deal to the end the war was far off, while the United States (US) struck Iran’s Qeshm Island, fuelling concerns over the escalation of hostilities and risks to energy supplies.
US West Texas Intermediate crude was up $1.6, or 1.66%, at $98.06 a barrel while Brent crude futures rose $1.84, or 1.76%, to $106.61 a barrel.
Both benchmarks had dropped more than 7% on Monday as talks between Iranian and Qatar officials lifted hopes for an end to the US and Israeli war with Iran that were soon dashed.
A US official said on Monday the US had struck Iran’s Qeshm Island. Some officials described the assaults as defensive and aimed at preventing Iran from attacking commercial ships in the Strait of Hormuz.
On Tuesday, a Senior Iranian official told Reuters that both countries were far from reaching a deal to end the war, and Tehran would not accept Washington’s “excessive demands”.
Iran’s parliament Speaker Qalibaf said Tehran had given Washington a “strong and rational response,” adding, “The ball is in the US’ court,” according to state media.
–Reuters–
