Oil rises above $89 as Strait of Hormuz deal hopes fade

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Brent crude briefly touched $90 a barrel Tuesday as Iran resisted direct talks with the U.S., keeping markets on edge ahead of key inflation data

President Donald Trump outside the White House. (Tasos Katopodis/Getty Images)

U.S. and international oil prices climbed Tuesday after Tehran showed no sign of backing down from its refusal to engage Washington in direct talks over the Strait of Hormuz, leaving the standoff unresolved. Brent crude briefly touched $90 a barrel before pulling back, while West Texas Intermediate futures rose 1.8% to $83.62 a barrel.

Stock futures edged higher despite the oil-driven uncertainty. E-Mini S&P 500 futures gained 0.22%, Nasdaq $NDAQ-100 futures were up 0.46%, and Dow futures added 56 points.