Oil rises, markets assess supply risk - Iran denies talks with US. Strait of Hormuz still closed
Oil rose on Tuesday on supply fears after Iran denied it had held talks with the United States to end the Gulf war, contradicting President Donald Trump who said a deal could be reached soon.
Crude oil futures fell more than 10% on Monday after Trump ordered a five-day postponement of strikes on Iran's nuclear facilities, saying the US had held talks with unnamed Iranian officials that produced "significant points of agreement".
On Tuesday, Brent futures rose $1.25 to $101.19 a barrel, while U.S. West Texas Intermediate crude rose $2.15 to $90.28.
The war has almost completely halted shipments of about a fifth of the world's oil and liquefied natural gas through the Strait of Hormuz, causing what the International Energy Agency has called the largest oil supply disruption ever.
If the strait remains virtually closed until the end of April, the price of Brent oil could reach $150 a barrel, many analysts estimate. That would surpass the high of $147 set in 2008.
In the latest attacks on energy infrastructure across the region, a gas company office and a pressure reduction station were hit in the Iranian city of Isfahan, while a shell hit a gas pipeline supplying a power plant in Khorramshahr, Iran's Fars news agency reported.
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