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Crude oil holds above $90 as US, Iran talks remain unsettled
Brent October futures traded around $90.80 per barrel after hitting $91.74 earlier, while disruptions risk to the Strait of Hormuz kept supply concerns elevated.
Global crude oil prices stayed above $90 a barrel on Tuesday, with geopolitical risk around the US and Iran continuing to support a premium in oil markets even as trading remained choppy, according to LiveMint Markets citing Reuters data.
Brent futures fluctuated during the day and by about 4.55 PM the October contract was trading at $90.80 per barrel, down 0.06% from the previous close. Earlier, it touched $91.74 per barrel, the highest level since 30 June.
The backdrop is a lack of resolution after a memorandum of understanding signed by the US and Iran on 17 June technically expired on Monday. Negotiations remain unresolved, and Washington and Tehran are sharply divided on issues including the Strait of Hormuz, which is a key channel for about 20% of global oil and gas trade prior to the war.
Risk concerns also rose after the UK Maritime Trade Operations agency said a vessel transiting the strait suffered engine-room damage and a crew casualty after being struck by an unknown projectile, reinforcing worries about maritime traffic and supply constraints, LiveMint Markets said.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%