Oil prices rise again in global market

Oil prices rise again in global market

Oil prices rose again in the global market as tensions between the United States and Iran escalated, reducing hopes for a swift diplomatic solution. Brent crude futures rose 62 cents, or 0.7 percent, to $84.39 per barrel on Tuesday.

Earlier, Brent prices had fallen by 7 percent, bringing the international benchmark to its lowest level in three weeks before recovering somewhat.

Meanwhile, US West Texas Intermediate (WTI) crude prices also rose, gaining 61 cents, or 0.7 percent, to $80.95 per barrel. In the previous session, WTI had fallen more than 5 percent, hitting its lowest level in nearly a week.

The ongoing tensions between the United States and Iran are increasing uncertainty in the oil market. At the same time, the diminishing prospects for a swift diplomatic solution are impacting the market.

Source: Al Jazeera