Oil prices edge higher as fragile US-Iran diplomacy fuels supply fears

Al Jazeera - Crude oil prices climbed in early Asian trading on Tuesday as the outlook for a diplomatic resolution to the US-Iran war remained uncertain, with Washington and Tehran trading threats after Trump derided Iran’s latest peace proposal.

Brent crude futures edged up by 30 cents, or 0.29 percent, to reach $104.51 per barrel, while US West Texas Intermediate (WTI) rose by 31 cents, or 0.32 percent, to hit $98.38 by 00:02 GMT.

The gains followed a significant surge on Monday, when both major oil benchmarks closed nearly 2.8 percent higher as traders weighed the impact of the ongoing hostilities on energy exports.