Oil Rises on Fresh US Strikes Against Iran
Crude oil climbed above $98 per barrel on Tuesday, recovering some of the previous session's losses following reports of a US attack on Iran's Qeshm Island. The reported strike appears to mark the latest in a series of limited military operations allegedly carried out by Washington while diplomatic negotiations remain ongoing. This follows a sharp decline of more than 6% in the US oil benchmark on Monday, after signs of progress in US-Iran talks eased concerns over further supply disruptions. Iran's Foreign Ministry spokesperson Esmail Baghaei stated that "the ball is in the US court" regarding a potential agreement to end the conflict, while US President Donald Trump claimed in a social media post that Tehran was eager to reach a settlement as soon as possible. These developments come as the US midterm elections get underway, with the Trump administration and Republican Party facing increasing political pressure over rising energy costs associated with the Iran conflict.
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Crude oil climbed above $98 per barrel on Tuesday, recovering some of the previous session's losses following reports of a US attack on Iran's Qeshm Island. The reported strike appears to mark the latest in a series of limited military operations allegedly carried out by Washington while diplomatic negotiations remain ongoing. This follows a sharp decline of more than 6% in the US oil benchmark on Monday, after signs of progress in US-Iran talks eased concerns over further supply disruptions.
Iran's Foreign Ministry spokesperson Esmail Baghaei stated that "the ball is in the US court" regarding a potential agreement to end the conflict, while US President Donald Trump claimed in a social media post that Tehran was eager to reach a settlement as soon as possible. These developments come as the US midterm elections get underway, with the Trump administration and Republican Party facing increasing political pressure over rising energy costs associated with the Iran conflict.