Oil rises as markets assess supply risks after Iran denies US talks

Oil prices rose in early trade on Tuesday on ​supply fears, as Iran denied it had held talks with the United States to end the war in ‌the Gulf, contradicting President Donald Trump, who said a deal could be reached soon. Brent futures rose $1.06, or 1.1%, to $101 a barrel at 0001 GMT, while US West Texas Intermediate (WTI) climbed $1.58, or 1.8%, to $89.71. Crude futures dropped more than 10% on Monday, after Trump said he had ordered ​a five‑day delay to attacks he had threatened on Iran’s power plants, adding the US had held ​productive talks with unnamed Iranian officials that had produced “major points of agreement”. “By shelving the plan ⁠to strike Iranian power plants for five days, the U.S. effectively sucked much of the ‘war premium’ from the ​oil price,” said Tim Waterer, chief market analyst at KCM Trade.