NEW YORK: Oil rallied on Tuesday as the biggest crude supply disruption persisted and Iran denied it held talks with the United States to end the war in the Gulf, contradicting US President Donald Trump, who said a deal could be reached soon.
Brent futures settled USD4.55, or 4.55 percent, higher at USD104.49 a barrel. US West Texas Intermediate climbed USD4.22, or 4.79 percent, to USD92.35.
The war has all but halted shipments of about one-fifth of the world’s oil and liquefied natural gas through the Strait of Hormuz, causing what the International Energy Agency has called the biggest-ever oil supply disruption. Iran told International Maritime Organization member states that “non-hostile vessels” may transit the Strait of Hormuz if they coordinate with Iranian authorities, the Financial Times reported on Tuesday after oil futures settled. Brent and WTI were little changed from settlement after the report.
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