Oil prices climb as US attack in Iran dashes hopes for imminent deal

Global oil markets moved higher on Tuesday after renewed US military action in the Middle East weakened hopes for a quick agreement between Washington and Tehran. Brent crude rose over 1% during early Asian trading, reaching $97.32 per barrel, while US crude prices also recorded gains despite remaining below last week’s levels. Financial markets showed mixed performance as investors balanced diplomatic expectations with growing regional tensions. Meanwhile, the US dollar stabilized after renewed demand for safer assets, although it stayed below the six-week high reached last week. US forces carried out strikes in southern Iran on Monday, targeting drone-launching facilities, missile launch sites, and boats allegedly involved in laying naval mines, according to statements from US Central Command (CENTCOM). CENTCOM described the attacks as defensive actions aimed at protecting American forces during the ongoing regional conflict. The command stated that US forces would continue to act with restraint while ensuring the security of their personnel. According to American media reports, the strikes focused on Iranian drone-launching installations and vessels reportedly preparing to deploy sea mines in the region. The military action came as senior Iranian officials were engaged in diplomatic discussions in Doha. Iran’s top negotiator and Foreign Minister met with Qatar’s prime minister to discuss the possibility of an agreement with the United States aimed at ending the three-month-long conflict, according to an official familiar with the talks.