US-Iran war
\n LONDON
\nOil prices rebounded 1% on Tuesday from a plunge in the previous session, fuelled by concerns that Middle East supply remains at risk as a diplomatic resolution to the US-Iran war that has disrupted shipments still seems unlikely. Front-month Brent futures rose $1.02, or 1.2%, to $84.79 a barrel by 0632 GMT after dropping 7% in the previous session to a three-week low. US West Texas Intermediate (WTI) crude was up 46 cents, or 0.6%, at $80.80 a barrel after falling more than 5% in the previous session to its lowest in nearly a week.
\nPrices dropped after US President Donald Trump said on Sunday he was holding off on new attacks on Iran pending ongoing talks to end their war and settle claims over control of the key Strait of Hormuz.
\nThe strategic waterway, which connects Gulf oil producers to global markets, was a channel for about a fifth of global shipments of crude oil and natural gas before the conflict. However, on Monday, Iran\u2019s Foreign Ministry spokesperson Esmail Baghaei rejected Trump\u2019s claim, saying no negotiations with the US were taking place and no meetings were scheduled.
\n\u201cThe scale of the sell-off seems fairly overdone, given that there\u2019s still considerable uncertainty. We\u2019ve been in this situation multiple times before, only to see things unravel,\u201d ING analysts said in a note \u201cAnd with Iran denying that any talks are underway and Trump issuing warnings if no deal materialises, the backdrop clearly leaves ample room for a renewed escalation.\u201d
\nThe Hormuz \u2060dispute is a central sticking point in talks. Washington says the memorandum of understanding agreed in June required Iran to open the waterway, while Tehran says the text explicitly preserved its authority. Analysts at Barclays said crude oil and refined product net exports through the strait averaged 4.2 million barrels per day in the week ended July 31, versus 3.2 million the previous week.
\nIn the Red Sea, six Saudi-flagged supertankers changed course in the Gulf of Aden \u2060recently for southern Africa, while two tankers laden with Saudi oil crossed the Bab el-Mandeb Strait, shipping data showed on Monday. \u2014 DNA<\/p>\n","protected":false},"excerpt":{"rendered":"
US-Iran war LONDON Oil prices rebounded 1% on Tuesday from a plunge in the previous session, fuelled by concerns that Middle East supply remains at risk as a diplomatic resolution to the US-Iran war that has disrupted shipments still seems unlikely. Front-month Brent futures rose $1.02, or 1.2%, to $84.79 a barrel by 0632 GMT […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-560119","post","type-post","status-publish","format-standard","category-top-news"],"yoast_head":"\n