Oil prices rose on Tuesday after US President Donald Trump said new peace talks with Iran were the country’s “last chance” to secure a good agreement.
The remarks helped markets regain some ground after a sharp fall in oil prices on Monday. “This is the last chance for the Iranians to sign a good agreement,” Trump told journalists. The US president also said that negotiations with Iran had taken place, despite Tehran having denied this.
By late morning on Tuesday, the price of Brent crude for October delivery was up 2.67% at $86.01 a barrel. US benchmark West Texas Intermediate rose 2.29% to $82.18 a barrel for September delivery.
The dispute over shipping through the Strait of Hormuz remains the central issue for oil markets.
