Oil Prices Rise as Trump Comments Impact U.S.-Iran Peace Deal

Oil prices increased on Tuesday, with Brent crude futures for July rising 0.90% to $105.12 per barrel and U.S. West Texas Intermediate (WTI) for June climbing 1% to $99.05 per barrel. U.S. President Donald Trump stated that the ceasefire with Iran was on 'massive life support' after rejecting Iran's counterproposal, suggesting the conflict may persist. Both WTI and Brent have risen more than 40% since the onset of the U.S. and Israeli-led war against Iran on February 28. Citi noted that the oil market may remain volatile amidst uncertain diplomatic engagements.