Brent crude oil climbed above $105 per barrel in early trade on Tuesday as the Iran-US ceasefire remains on edge following President Donald Trump’s rejection of Tehran’s response to the latest peace proposal.
Trump is reportedly considering resuming hostilities with Iran after peace negotiations ended in deadlock, despite multiple mediation attempts.
Brent crude futures for July 2026 rose 0.75 per cent to trade at $105.14 per barrel, while US West Texas Intermediate (WTI) crude futures for June 2026 gained 0.93 per cent to $98.98 per barrel during early trade.
On Monday, both benchmarks rose nearly 2.8 per cent as traders weighed the impact of the ongoing hostilities on energy exports.
Oil prices remained supported after Trump said the ceasefire agreement with Iran was on “life support”, pointing to major disagreements between the two sides.
Key areas of dispute include ending hostilities, lifting of sanctions, ending Iran’s naval blockade, reopening of the Strait of Hormuz, and compensation for damages caused by US bombing inside Iran.
In an effort to stabilise the oil market, the Trump administration announced plans to loan 53.3 million barrels of crude oil from the US Strategic Petroleum Reserve (SPR).
Also read: Crude oil prices surge amid fresh tensions in Middle East
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