Brent tops $88 as US, Iran near possible deal

On Tuesday, the price of Brent crude oil surpassed $88 per barrel, indicating optimism surrounding potential negotiations between the United States and Iran, according to Reuters. The price of Brent crude increased by $0.95 or 1.08%, reaching $88.67 per barrel, while West Texas Intermediate rose by $0.96 or 1.17%, to $83.09 per barrel, based on Oilprice.com data.

This development occurred despite Pakistan's Defense Minister, Khawaja Asif, suggesting that the US and Iran were nearing an agreement. He stated that recent signals indicated they were close to an arrangement. Similarly, Qatar's Foreign Ministry spokesperson mentioned that Oman and Iran were discussing the management of the Strait of Hormuz at an advanced stage.

However, Iran insisted that the waterway would remain closed unless the US accepted Iran's terms for ending the conflict. Iran's Supreme National Security Council secretary, Mohsen Rezaei, emphasized that as long as America did not change its behavior and accept Iran's conditions, the Strait of Hormuz would not be opened. The Strait of Hormuz is crucial for global oil and liquefied natural gas supplies, making its potential reopening significant for mitigating supply concerns and putting downward pressure on crude prices.

Meanwhile, US President Donald Trump described Iran as "devious negotiators" while discussing his options in the conflict.