Oil prices rise on Gulf supply concerns over Iran-Oman talks, Hormuz uncertainty

TEHRAN, Iran — Oil prices climbed on Tuesday as uncertainty over Iran-Oman talks and the outlook for crude flows through the Strait of Hormuz weighed on markets. Brent crude rose 2.69% to $81.59 a barrel, while West Texas Intermediate gained 2.18% to $76.86 a barrel. Analysts said traders were cautious about a possible agreement between Tehran and Muscat, citing doubts over whether any deal would hold up given past experience. Iran announced that it had reached an understanding with Oman on a maritime route in the Strait of Hormuz and that the two sides were working on a draft joint statement. The strait retains its strategic importance, carrying roughly one-fifth of global oil and liquefied natural gas supply before the current conflict. On the supply-security front, Iran reportedly warned Gulf states that it would target energy facilities in the region in the event of a new US strike. Separately, Yemen's Houthis said they carried out missile attacks on two Saudi oil tankers in the Red Sea and the Gulf of Aden. Saudi authorities had not immediately confirmed the claim.