Oil settles higher

Oil prices settled higher for the third consecutive session on Tuesday as stark differences between the US and Iran over a proposal to end the war in the Middle East raised concerns that supply disruptions upending the global oil market are likely to be prolonged. Brent crude futures gained USD3.56, or 3.42 percent, to settle at USD107.77 a barrel, and US West Texas Intermediate futures closed up USD4.11, or 4.19 percent, at USD102.18. Both benchmarks had climbed nearly 3 percent on Monday. US President Donald Trump said on Monday that ceasefire talks with Iran were on “life support,” pointing to disagreements over Tehran’s demands of a cessation of hostilities on all fronts, the removal of a US naval blockade, the resumption of Iranian oil sales and compensation for war damage.