Brent Crude Swings $6 on Conflicting US-Iran Reports, Settles Near $104

oilprice.com —

Brent crude plunged more than $6 per barrel Tuesday, falling from $107.24 to $100.80 before recovering to around $104, amid conflicting reports about U.S.-Iran negotiations. The selloff followed Monday's 7.6% decline, with prices initially rebounding after reports of U.S. strikes on Iran's Qeshm Island before reversing sharply. A Bloomberg headline claimed Iran's supreme leader authorized negotiations, but President Masoud Pezeshkian only granted additional negotiating authority. A senior Iranian official rejected claims of a breakthrough, stating an agreement remains far off. Qatar confirmed both sides are reviewing proposals, but no agreement has been announced. The Strait of Hormuz remains restricted, and reported diplomatic breakthroughs remain unverified.


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