Oil prices inched up in early trade on Tuesday after Iran and Israel left the door open to a possible resumption of attacks on each other, though they had called a halt to hostilities following an appeal from U.S. President Donald Trump.
Oil edged higher in early trade amid ongoing supply disruption concerns.
The crude oil markets continue to see a lot of volatility as missiles are flying in the Middle East between the Israeli and Iranian militaries. At this point, the United States seems to be asking for a stop to hostilities.
Oil prices pared gains after Iran said it ended military operations against Israel, easing fears that the latest exchange of fire could derail regional efforts to end the war and reopen the Strait of Hormuz.
With a brutal semiconductor sell-off weighing heavily on the tech sector and the broader stock markets on Friday, as investors ponder the latest hotter-than-expected jobs print, perhaps a major risk is being overlooked: the situation in Iran and its impact on oil prices.
Brent crude and WTI futures were rising after Israel and Iran exchanged fire, putting hopes of a peace deal at risk.
Nasdaq gains premarket after Friday's selloff
Oil rose sharply in early European trade after Israel and Iran exchanged waves of attacks in a serious escalation of regional hostilities, threatening the progress of a long-awaited peace deal.
Saudi Arabia has cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, as expected, as spot premiums eased on slow demand despite supply disruptions driven by the U.S.-Israeli war with Iran.
Oil prices rose in early trade amid escalating concerns of supply disruption in the Middle East.
Oil prices were up more than $2 a barrel in early trading on Monday after Israel on Sunday launched strikes on the Beirut area for the first time since the U.S. announced a ceasefire plan for Lebanon.
U.S. stock-index futures fell on Sunday, after a massive tech selloff on Friday interrupted Wall Street's two-month rally, and after new developments threatened the fragile cease-fire in the Iran war.