image sourced from original article at Oil prices climbed further on Tuesday, building on strong gains from the previous session as stalled peace talks between the United States and Iran fueled market uncertainty. Brent crude rose above 109 dollars per barrel, while West Texas Intermediate approached 98 dollars, after both benchmarks had already surged to two week highs a day earlier.
The continued conflict in the Middle East has disrupted shipping through the Strait of Hormuz, a vital route that carries roughly one fifth of global oil and gas consumption. Iran has kept restrictions in place requiring vessels to seek approval before transit, while the United States has maintained a blockade of Iranian ports and vessels, tightening global supply.
Diplomatic efforts lost momentum after the United States president canceled a planned visit by senior envoys, even as Iran's foreign minister was present in Pakistan for discussions. Broader geopolitical tensions involving Israel and Lebanon, along with anticipated policy signals from major central banks, have added to volatility in energy markets.
