Oil prices rise as US-Iran tensions cloud diplomatic outlook

Oil prices rise as US-Iran tensions cloud diplomatic outlook Oil prices edged higher in early Asian trading on Tuesday as uncertainty surrounding diplomacy between the United States and Iran continued to fuel concerns over global energy supplies. Markets remained focused on tensions linked to the Strait of Hormuz after President Donald Trump criticised Iran’s latest peace proposal and both sides exchanged threats. Brent crude futures rose 30 cents, or 0.29 percent, to $104.51 a barrel, while West Texas Intermediate crude gained 31 cents, or 0.32 percent, to $98.38 by 00:02 GMT. The increase followed a stronger rally on Monday, when both benchmarks closed nearly 2.8 percent higher as traders assessed the impact of the ongoing conflict on oil exports and shipping routes.