Oil prices reacted to Iran's denial

Brent futures rose by $4, or 4%, to $103.94 per barrel, while U.S. West Texas Intermediate crude rose by $3.49, or 4%, to $91.62, Reuters reports.

On Monday, oil futures fell by more than 10% after Trump ordered a five-day delay in strikes on Iranian power plants, stating that the U.S. had held talks with unnamed Iranian officials who had offered significant points of agreement.

The conflict has nearly halted the transport of about one-fifth of the world’s oil and liquefied natural gas through the Strait of Hormuz. On Monday, two tankers bound for India passed through the strait.

Tehran rejected claims of contact with Washington, calling it an attempt to manipulate financial markets, while the Islamic Revolutionary Guard Corps announced strikes on American targets and called Trump’s remarks “worn-out psychological operations.”

Photo: mayupravo.com.