Oil falls back toward $100 a day after spiking on Iran standoff
Brent traded near $100.19 on Tuesday afternoon, down about $2.56, after topping $107 on Monday.
NEW YORK — Oil prices eased on Tuesday, a day after jumping on news that the United States had rejected Iran's latest offer to reopen the Strait of Hormuz.
Brent crude, the global benchmark, was trading at about $100.19 a barrel at 2:40 p.m. ET, down about $2.56 from Monday. On Monday, Brent rose more than 3% and approached $108 during Asian trading.
What moved the market
At the United Nations, Tehran proposed that the U.S. release frozen Iranian funds, lift sanctions and end its naval blockade of Iranian ports in exchange for Iran reopening the strait and returning to nuclear talks. President Trump called the offer not acceptable over the weekend. Tuesday's decline came as reports pointed to recovering Gulf oil exports, including Saudi shipments through its East-West pipeline after repairs.
The bigger picture
Brent is still up about $8 from a month ago and roughly $33 from a year ago. Before the war began in February, about one-fifth of the world's oil passed through Hormuz; traffic remains a fraction of normal.
Sources
This article was written by Statevane from the reporting and official sources linked above. Spot an error? Tell us.