The price of oil rebounded to $103 per barrel on Tuesday as hopes for de-escalation in the Iran war faded after Washington said the situation remained "fluid," Tehran denied there had been any negotiations and an explosion and fire at a major refinery in Texas directly impacted wholesale gasoline and diesel prices. File Photo by John Angelillo/UPI | License Photo
March 24 (UPI) -- The price of oil climbed back above $100 per barrel on Tuesday as hopes for de-escalation in the Iran war faded after Washington said the situation remained "fluid," Tehran denied there had been any negotiations and a fire put a major Texas refinery out of action.
Claims by President Donald Trump of "major" progress in talks to halt the conflict on Monday sent oil prices tumbling and rallied stock markets, but benchmark Brent crude futures rebounded to more than $103 a barrel on Tuesday after the White House appeared to walk it back, saying no high-level formal meetings were scheduled and denying reports Vice President JD Vance may attend Pakistan-brokered talks.
"These are sensitive diplomatic discussions and the United States will not negotiate through the press. This is a fluid situation, and speculation about meetings should not be deemed as final until they are formally announced by the White House," press secretary Karoline Leavitt told the BBC.
