- August 4, 2026
- Posted by: Tresmark
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Oil prices rebounded 1% on Tuesday from a plunge in the previous session, fuelled by concerns that Middle East supply remains at risk as a diplomatic resolution to the U.S.-Iran war that has disrupted shipments still seems unlikely.
Front-month Brent futures rose $1.12, or 1.3%, to $84.89 a barrel by 0355 GMT after dropping 7% in the previous session to a three-week low
U.S. West Texas Intermediate (WTI) crude was up 77 cents, or 1%, at $81.11 after falling more than 5% in the previous session to stand at its lowest in nearly a week.
Prices dropped after U.S. President Donald Trump said on Sunday he was holding off on new attacks on Iran pending ongoing talks to end their war and settle claims over control of the key Strait of Hormuz.
The strategic waterway, which connects Gulf oil producers to global markets, was a channel for about a fifth of global shipments of crude oil and natural gas before the conflict.
However, on Monday, Iran's Foreign Ministry spokesman Esmail Baghaei rejected Trump's claim, saying no negotiations with the U.S. were taking place and no meetings were scheduled.
Source: Reuters
Source: Reuters
