WTI crude futures rose above $98 per barrel on Tuesday, rebounding from the previous session’s losses as investors continued to assess the impact of the Middle East conflict on global supply.

Iran has stepped up attacks on energy infrastructure in the region, while most countries have so far resisted US President Donald Trump’s call for support in safeguarding commercial activity in the Strait of Hormuz.

On Monday, the US oil benchmark tumbled more than 5% after several tankers safely navigated Hormuz over the weekend, raising hopes the waterway could soon reopen.

India is also negotiating six additional vessels as several countries pursue back-channel talks with Iran to ensure safe passage for their ships.

The US is allowing Iran to continue shipping crude through Hormuz, while a direct communications channel between the US and Iran has also reportedly been activated.
Source: Trading Economics