Oil prices rose on Tuesday and stocks dithered as investor optimism over an imminent U.S.-Iran peace deal was tempered ‌by new U.S. strikes in the Middle East. U.S. forces conducted strikes in southern Iran in what was described as defensive action, as Tehran’s top negotiator and its foreign minister were in Doha for talks with Qatar’s prime minister on a potential deal with Washington to end the three-month-old war. Also, U.S. Secretary of ​State Marco Rubio said negotiating a deal with Iran could “take a few days”, quashing hopes of an imminent end to the ​conflict. The developments sent Brent futures rising more than 2% in Asian trade to $98.21 a barrel. U.S. West Texas ⁠Intermediate crude was up slightly from Monday’s last traded price but down 4.9% from Friday’s close. There was no settlement on ​Monday due to the U.S. Memorial Day holiday.

Reuters