Brent crude oil jumped back above $100 a barrel on Tuesday, a day after plunging more than 10 per cent in reaction to Donald Trump’s decision to delay fresh strikes on Iran following what he described as “very good” talks with Tehran.
Brent rose 2.9 per cent to $102.84, while West Texas Intermediate jumped 3.5 per cent to $91.20.
Trump’s comments sparked a sharp reversal on markets on Monday, with crude prices sinking as much as 14 per cent after rising around one per cent earlier in the day.
International benchmark Brent North Sea crude had fallen 6.7 per cent to $104.70 per barrel around midday on Monday, while West Texas Intermediate slumped 6.9 per cent to $91.41 per barrel after earlier topping $100.
The latest recovery brings Brent back above the $100 threshold as traders continue to assess geopolitical developments in the Middle East and their potential impact on global oil supplies.
