Brent crude oil jumped back above $100 a barrel on Tuesday, a day after plunging more than 10 per cent in reaction to Donald Trump’s decision to delay fresh strikes on Iran as he hailed “very good” talks with Tehran.
Brent rose 2.9 per cent to $102.84, while West Texas Intermediate jumped 3.5 per cent to $91.20.
Trump’s comments sparked a sharp reversal on markets, with crude prices sinking as much as 14 per cent after rising around one per cent earlier on Monday.
READ ALSO: Oil Falls, Stocks Rebound On Trump’s Iran Remarks
Around 1145 GMT, international benchmark Brent North Sea crude was down 6.7 per cent at $104.70 per barrel.
The main US oil contract, West Texas Intermediate, slumped 6.9 per cent to $91.41 per barrel, having earlier topped $100.
