WTI crude Iran ceasefire headlines lifted oil on Tuesday after Iran reportedly said there were no talks to extend a ceasefire because the pact no longer existed.
Earlier, market talk had pointed to a possible extension of the supposed ceasefire, which would have expired on 17 August. However, the report said both sides had already moved away from that agreement well before now. It added that military strikes had continued, along with attacks near the Strait of Hormuz.
WTI Crude Iran Ceasefire Reaction
The source said the arrangement was part of a 60-day deal set out in a memorandum of understanding at the end of June. Iran then made clear that the pact, or any related deal, no longer existed. Therefore, the report said there was nothing left to extend because neither side was honoring the agreement.
Oil prices moved higher after the headlines. WTI crude rose 0.2% to $83.35. Earlier in the session, it had fallen to about $82.50.
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Source: InvestingLive
