Oil Prices Rise: WTI at $97.03, Brent at $108.67 Amid Iran Talks

AI Summary

On Tuesday, West Texas Intermediate (WTI) crude oil futures rose by 0.66% to $97.03 per barrel, while Brent crude futures climbed 0.44% to $108.67 per barrel. This increase in prices follows discussions between U.S. President Donald Trump and national security officials regarding Iran's proposal to reopen the Strait of Hormuz, contingent on lifting sanctions. Approximately 20 million barrels per day of oil and gas flows through the Strait, with disruptions affecting market conditions significantly. It is estimated that if hostilities ended, crude prices could drop by $10 per barrel, but stabilization may take four to six months.