Oil prices at near three-week high as US-Iran peace hopes fade
Oil prices surged for a third consecutive day on Tuesday as the prospect of a deal to end the Middle East conflict faded. The tension heightened following Iran's declaration of adopting a more aggressive military stance and the United States refusing to extend its temporary ceasefire agreement. Brent crude futures climbed 35 cents, or 0.39%, to $91.22 a barrel, while U.S. West Texas Intermediate crude futures rose 81 cents, or 0.96%, to $85.31 a barrel.
Both contracts were on track for their third straight day of gains, with Brent's price reaching its highest since July 30 during the session, and WTI's since July 31. The sentiment was bolstered by U.S. President Donald Trump's decision not to renew the U.S.-Iran peace deal and ongoing security concerns in the Strait of Hormuz.
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