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Crude oil prices continued to decline on Tuesday amid optimism over an initial US-Iran agreement

Oil prices dipped below $90 per barrel on Friday as the US and Iran inch close to an agreement that could see the reopening of the Strait of Hormuz in the coming days.

Oil prices rose as escalating military exchanges between the US and Iran and renewed tensions surrounding the Strait of Hormuz heightened fears of disruptions to global crude supplies.

Oil prices rose as markets weighed renewed supply concerns following fresh US strikes against Iran. Brent crude traded at $91.46 per barrel, up around 0.01% from the previous close of $91.45. US benchmark West Texas Intermediate (WTI) rose about 0.01% to $88.19 per barrel, compared with $88.2 in the previous session.

Oil prices surged by about 5% on Monday as escalating tensions in the Middle East heightened concerns over potential supply disruptions amidst airstrikes.

Brent topped $95 per barrel on Friday amidst tighter US sanctions against Russia and persistent geopolitical risks. Meanwhile, hopes for diplomatic progress between Washington and Tehran tempered further gains.

Oil prices are softer in the global commodity market on Thursday following reports of a ceasefire deal between Lebanon and Israel, which boosted hopes for a broader agreement to end the US-Israeli conflict with Iran that could potentially lead to a reopening of the Strait of Hormuz.

Oil Prices Surge on Middle East Hostilities, Uncertain Outlook Crude oil prices rise for their third day in a row…

Oil prices edged lower on Tuesday after surging more than 5% in the previous session, as conflicting signals from Washington and Tehran over the future of US-Iran negotiations prompted investors to reassess geopolitical risks in the Middle East.

Oil prices edge higher during early hours on Monday as renewed tensions in the Middle East between the US and Iran heightened concerns over potential supply disruptions.