Get the latest news and updates from Dawn
NEW YORK: Oil prices rose more than 3 per cent on Tuesday as stark differences between the US and Iran over a proposal to end the war in the Middle East raised concerns that supply disruptions upending the global oil market are likely to be prolonged.
Brent crude futures gained $3.10, or 2.97pc, to $107.31 a barrel by 2:01 p.m. ET (1801 GMT), and US West Texas Intermediate futures were up $3.56, or 3.63pc, at $101.63. Both benchmarks climbed nearly 3pc on Monday.
Donald Trump said on Monday that ceasefire talks with Iran were on “life support,” pointing to disagreements over Tehran’s demands of a cessation of hostilities on all fronts, the removal of a US naval blockade, the resumption of Iranian oil sales and compensation for war damage.
Iran also emphasised its sovereignty over the Strait of Hormuz, through which about a fifth of global oil and liquefied natural gas normally flows.
