Oil prices today: Brent crude jumps to $105 per barrel as US-Iran ceasefire hangs on ‘life support’

Oil price today: Oil prices extended their rally on Tuesday as uncertainty over the Middle East conflict continued to intensify, with the ceasefire proposal now hanging on “life support.” Brent crude futures were up 30 cents, or 0.29%, at $104.51 a barrel, while US West Texas Intermediate rose 31 cents, or 0.32%, to $98.38 at 0002 GMT. Both benchmarks had already surged nearly 2.8% in the previous session on Monday.

The gains came as tensions over the ongoing conflict and stalled diplomatic engagement continued to unsettle markets. US President Donald Trump said that the ceasefire with Iran was “on life support” and further criticised Tehran’s response to a US proposal.