Oil prices edge higher as US-Iran talks remain uncertain

Oil prices rose slightly on Tuesday after a steep decline in the previous session, as concerns persisted over the potential threat to Middle East supplies.

Brent crude futures for the nearest delivery gained $0.62, or 0.7 percent, to reach $84.39 per barrel, after falling 7 percent in the previous session to their lowest level in three weeks.

US West Texas Intermediate crude rose $0.61, or 0.7 percent, to $80.95 per barrel, after dropping more than 5 percent in the prior session to its lowest in nearly a week.

Prices had declined after US President Donald Trump announced on Sunday that he would delay launching new attacks on Iran until ongoing talks to end the conflict and resolve disputes over control of the strategic Strait of Hormuz are concluded.

According to Reuters, Tim Waterer, chief market analyst at KCM Trade, said the downward trend remains fragile—oil could easily rebound to higher levels if missiles are launched again or if tankers near the Strait of Hormuz come under fire once more.