Oil prices rise amid Iran uncertainty

Oil prices rose slightly after a sharp decline in the previous session, amid concerns over the ongoing threat to oil supplies from the Middle East, especially as U.S. President Donald Trump ordered a delay in attacks on Iran until diplomatic talks resume, despite Iran denying any current negotiations. Brent crude increased by 0.7% to reach $84.39 per barrel, while West Texas Intermediate rose to $80.95, after both had previously fallen by more than 7% and 5%, respectively. The Strait of Hormuz and Bab el-Mandeb remain significant threats to oil shipping, as threats and naval attacks continue, raising the likelihood of higher oil prices if tensions escalate again.

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