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0 NewsGhana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://www.newsghana.com.gh/brent-crude-rebounds-as-us-iran-standoff-deepens/Brent crude oil climbed nearly 2% on Tuesday to around $99 per barrel after United States military strikes in southern Iran and parallel diplomatic negotiations between Washington and Tehran pushed global energy markets into fresh volatility.
The benchmark recovered a portion of Monday’s losses following confirmation from US Central Command that American forces had targeted missile launch sites and vessels suspected of laying mines, with officials citing the protection of American personnel as justification for the operations.
Concern quickly spread across trading floors over potential disruptions to the Strait of Hormuz, the narrow Gulf waterway through which a significant share of the world’s crude oil supply moves daily.
Diplomatic talks between the two governments continue alongside the military activity, with negotiations reportedly centred on a framework agreement that could extend a ceasefire and ease restrictions on maritime movement in the region.
President Donald Trump said negotiations were progressing but warned that further military action remained an option if talks collapsed, a statement that sharpened uncertainty across energy markets already on edge.
Tuesday’s gains notwithstanding, Brent crude remains more than 10% lower than it was a week ago, a slide that followed earlier optimism that a diplomatic breakthrough was close. Year-on-year, prices remain considerably elevated, though near-term trading has been dominated by sharp swings tied to each new signal from either side of the standoff.
Analysts say traders are currently caught between two forces pulling in opposite directions: fear of supply disruption from renewed conflict and expectation that a political agreement could restore order to critical Gulf shipping routes. Until one force clearly prevails, sharp price movement in either direction is likely to continue.
NewsGhana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://www.newsghana.com.gh/brent-crude-rebounds-as-us-iran-standoff-deepens/
