Oil rose on Tuesday as traders' nervousness about a lack of progress on peace talks between the United States and Iran offset any price impact of a slight recovery in shipping through
Oil rose on Tuesday as traders' nervousness about a lack of progress on peace talks between the United States and Iran offset any price impact of a slight recovery in shipping through the Strait of Hormuz.
Brent crude futures LCOc1 gained $1.02, or 1.42%, to $73.01 a barrel, while U.S. West Texas Intermediate crude CLc1 rose 93 cents, or 1.36%, to $69.48 a barrel as of 0748 GMT.
"The deal is by no means signed yet, so something can still go wrong and any comments from either side could raise concern which is helping to underpin prices and it's basically removing some of the recent intense focus on an increasingly oversupplied market," Saxo Bank analyst Ole Hansen said.
Talks to reach a final deal between Tehran and Washington will not take place if U.S. threats continue, Iran's foreign minister said on Tuesday, following U.S. President Donald Trump's threat to "finish the job" unless a deal is done.
"So if there's any further escalation, then $75 would be the natural level to look at next ahead of $80," Hansen added.
Investors are monitoring talks between the U.S. and Iran and their implications for shipping through the Strait of Hormuz, which prior
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