Oil prices rose more than $1, as an Iranian official said a deal to the end the war was far off, while the United States struck Iran’s Qeshm Island, fuelling concerns over the escalation of hostilities and risks to energy supplies, Reuters reports.
US West Texas Intermediate crude was up $1.6, or 1.66 per cent, at $98.06 a barrel while Brent crude futures rose $1.84, or 1.76pc, to $106.61 a barrel by 0744 GMT.
Both benchmarks had dropped more than 7pc on Monday as talks between Iranian and Qatar officials lifted hopes for an end to the US-Israeli war with Iran that were soon dashed.
