New York/London, May 12, (dpa/GNA) – Oil prices edged higher in early trading on Tuesday, as investors monitored tensions surrounding the fragile ceasefire between Iran and the United States.
Brent crude futures for July delivery rose 0.75% to $104.99 a barrel (159 litres). On Monday morning, the global benchmark had climbed nearly 5% to $105.99. There were no major market-moving developments overnight, although US President Donald Trump sharpened his rhetoric on the conflict.
Trump said the nearly five-week ceasefire with Iran was hanging by a thread, because of what he described as a “stupid” proposal from Tehran to end the war. Speaking in Washington, he said the truce was effectively on “life support” but added that he still believed a diplomatic solution was possible.
According to Iranian state media, Tehran’s proposal calls for the US to pay reparations for war damage in Iran. Tehran is also seeking full sovereignty over the Strait of Hormuz, an end to sanctions and the release of frozen Iranian assets, the reports said.
The dispute over Iran’s nuclear programme was reportedly not addressed in the proposal.
GNA