Global oil prices rise again after sharp losses earlier, following conflicting statements about possible talks between the United States and Iran.
Prices had dropped by more than 10% after US President Donald Trump spoke about “talks” with Iran, a claim later denied by Tehran, creating uncertainty in the markets.
WTI and Brent move higher
The price of West Texas Intermediate (WTI) crude was up 4.11%, reaching 91.75 dollars per barrel at around 04:20 Cyprus time.
At the same time, the price of North Sea Brent crude increased by 3.89%, reaching 103.83 dollars per barrel.
The renewed increase shows how sensitive oil prices movements remain to developments related to the Middle East and the Iran crisis.
Market reacts to Middle East tensions
Energy markets reacted quickly after reports of possible negotiations were questioned, raising concerns about the stability of supply in the region.
Analysts note that oil prices rise whenever tensions in the Middle East increase, as the region remains one of the world’s most important oil-producing areas.
Traders continue to monitor statements from Washington and Tehran closely, as any sign of escalation or de-escalation can immediately affect global energy prices.
Also read: Iran war talks in doubt, as Iran denies dialogue with US
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