Khaberni - Oil prices rose in early Tuesday trading, driven by concerns about supplies, after Iran denied having talks with the United States to end the war in the Gulf, which contradicts statements by American President Donald Trump who said that reaching an agreement could happen soon.
By 00:01 GMT, Brent crude futures climbed $1.06 or 1.1% to $101 per barrel, while West Texas Intermediate crude rose $1.58 or 1.8% to $89.71.
Crude contracts had fallen more than 10% on Monday, after Trump said he ordered a delay of the attacks he had threatened to launch on Iranian power stations for 5 days, adding that the United States had fruitful talks with unnamed Iranian officials which resulted in "major points of agreement".
Tim Waterer, senior market analyst at K.C.M Trade said, "By suspending the plan to bomb Iranian power stations for 5 days, the United States effectively removed a large part of the 'war premium' from oil prices."
He added, "The moderate rise we saw today is merely an attempt by the market to regain its balance amidst the turmoil. Traders realize that despite the temporary suspension of missile attacks, the Strait of Hormuz is still far from being a safe passage."
The war caused almost a complete halt to the movement of about 20% of the global supply of oil and liquefied natural gas through the Strait of Hormuz. However, despite this, two oil tankers headed to India managed to cross the strait on Monday.
