US Crude Oil Futures Climb as Iran Denies US Negotiations

U.S. crude oil futures advanced by more than $1 during early Asian trading on Tuesday as investors weighed the global supply outlook against conflicting diplomatic reports. West Texas Intermediate crude futures climbed $1.37, or 1.6%, to $89.44 per barrel, rebounding from a session low of $84.37 recorded on Monday.

The upward movement followed a clarification from Iran, which denied that any negotiations were currently being held with the United States. This statement stood in contrast to earlier assertions that discussions were underway, leading market participants to reconsider the likelihood of a swift resolution to ongoing geopolitical tensions that have constrained energy exports.