Oil prices gained in Asia trading Tuesday after clocking steep declines overnight, as traders assess developments related to the Middle East conflict.
Brent crude futures for May rose over 3% to $102.96 per barrel while the West Texas Intermediate futures for May jumped 3.6% to $91.27 per barrel.
The uptick follows a sharp sell-off on Monday, with Brent crude falling about 11% to around $99 per barrel on Monday after topping $112 on Friday.
“I AM PLEASE TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST,” Trump said Monday in a Truth Social post.
“I HAVE INSTRUCTED THE DEPARTMENT OF WAR TO POSTPONE ANY AND ALL MILITARY STRIKES AGAINST IRANIAN POWER PLANTS AND ENERGY INFRASTRUCTURE FOR A FIVE DAY PERIOD,” Trump wrote.
