The Brent crude oil price rose to $111.4 per barrel on Tuesday from $110 on Monday, despite ongoing peace talks between the United States and Iran, according to data from Oilprice.com.
On Tuesday, US Vice President JD Vance said the United States and Iran have made significant progress in their talks and that neither side wants to see a resumption of military action, Reuters reports.
President Donald Trump had on Monday halted a planned resumption of strikes in Iran following Tehran’s refusal to surrender and reopen the Strait of Hormuz, the closure of which is affecting global fuel availability.
“We think that we’ve made a lot of progress. We think the Iranians want to make a deal,” Vance told reporters at a White House briefing.
Vance said he had just spoken to Trump, who stressed that the core issue for the US is that Iran can never have a nuclear weapon.
