Brent stabilizes amid deadlock between US, Iran

Brent crude rose 2.5% and appeared to stabilize around $100 per barrel, amid stalled negotiations between the United States and Iran.

By contrast, WTI crude fell more than 4% and was trading around $92.6 per barrel.

Overall, oil prices had been declining since last Wednesday, when the framework for a possible peace agreement—or at least a broader and longer ceasefire—between the United States and Iran appeared close to being finalized.

However, Iran accused the United States of violating the current ceasefire after Washington carried out what it described as defensive strikes in the southern part of the country.

Iran’s Foreign Ministry said the U.S. attacks in Hormozgan province, where Iranian media reported explosions early Tuesday, represented a “serious violation” of the fragile ceasefire that has been in place for nearly seven weeks.

Meanwhile, U.S. Secretary of State Marco Rubio said negotiations aimed at ending the conflict could require “a few more days” to reach an agreement.

On Monday, U.S. President Donald Trump reiterated his nuclear demands in a social media post, while tensions persist over the core elements of any potential deal.

Investors appear to be reacting unevenly to the latest developments, with some markets pricing in lower odds of an imminent agreement.