WASHINGTON (dpa-AFX) - Crude prices soared on Tuesday, with the conflict between Israel and Iran showing no sign of retreat.
WTI oil for July delivery shot up by $3.07 to settle at $74.84 per barrel.
August Brent crude oil was last seen trading at $76.61, up by $3.38.
Reports of Iran communicating via intermediaries to the US and Israel expressing its willingness to renegotiate on nuclear deal as well as for a ceasefire with Israel emerged yesterday.
However, nothing concrete moved further in that direction.
On the contrary, during his departure post G7 summit, US President Donald Trump stated that he was not for a ceasefire between Israel and Iran but for a 'real end.' Further, he urged residents of Tehran to flee the city.
This has led to fear of Israel receiving US support and Iran too may find friends and that the mutual attacks may worsen.
As of now, concerns of investors about disruptions across the Strait of Hormuz through which 20% of global oil transport takes place, have not happened with no remarkable interruption to oil flows.
The International Energy Agency's monthly report released on Tuesday forecasted the demand estimates to be down by 20,000 barrels per day from last month and supply estimates to be up by 200,000 bpd to 1.8 million bpd.
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