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NEW YORK: Oil prices edged up to a one-week high on Tuesday as doubts about a potential US-Iran peace deal fuelled concerns that Middle East supply disruptions would persist.
Brent futures rose $1.19, or 1.4 per cent, to settle at $88.91 a barrel, while US West Texas Intermediate (WTI) crude rose $1.07, or 1.3pc, to settle at $83.20. Those were the highest closes for both crude benchmarks since July 31 for a second day in a row after both contracts jumped about 5pc on Monday as hopes for a peace deal between the US and Iran started to fade.
The Strait of Hormuz will remain closed as long as the US does not change its behavior and accept Iran’s conditions to end the war, the newly appointed secretary of Iran’s Supreme National Security Council, Mohsen Rezaei, said on Tuesday.
About 20pc of global oil supply passed through the strait before the start of the Iran war on February 28.
