Oil prices edged higher in early Asian trading on Tuesday, reversing losses from the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East. Global benchmark Brent crude oil futures rose 39 cents,
Iranian Foreign Minister Hossein Amirabdollahian told NBC News the Islamic Republic does not plan to respond to Israel's retaliatory strike launched Friday.
Major stock markets mostly rallied Monday and oil prices retreated as Middle East worries subsided and traders looked ahead to the release of key US inflation data and corporate earnings.
Oil prices fell by more than 1% on Monday, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities following Israel's apparently small strike on Iran.
Oil prices fell more than 1% as fears of a broader conflict in the Middle East faded and the prospect of higher-for-longer interest rates weighed on sentiment.
Oil prices were broadly stable on Tuesday after recouping some of the losses posted in the previous session as fears of an all-out war between Israel and Iran fade. Despite this, geopolitical risks in the region remain high and traders still see the oil market growing tighter in the coming months.
Investors boosted their exposure to Brent as the conflict between Iran and Israel escalated but there was selling across the rest of the petroleum complex amid doubts about the sustainability of higher prices.
Oil prices fell more than 1% as fears of a broader conflict in the Middle East fade and the prospect of higher-for-longer interest rates weighs on sentiment. Brent crude was down 1.7% at $85.84 a barrel and WTI traded 1.
FXEmpire.com - Oil Prices Retreat Amid Easing Geopolitical Tensions. Oil prices fell by over 1% on Monday, influenced by shifting focus from geopolitical tension to market fundame