International oil prices edged higher on Tuesday as uncertainty surrounding the US-Iran agreement and concerns over oil shipments through the Strait of Hormuz continued to influence the market.
The price of Brent crude, the global benchmark, rose 26 cents or 0.3 percent to $83.42 per barrel. US benchmark West Texas Intermediate (WTI) gained 46 cents or 0.3 percent to $81.12 per barrel.
The increase follows a sharp decline on Monday, when oil prices fell after reports of an agreement aimed at ending tensions between the United States and Iran. Brent crude dropped more than 4 percent to around $83.70 per barrel during that session.
Market analysts say several aspects of the US-Iran agreement remain unclear. Investors are also uncertain about how quickly oil transportation through the Strait of Hormuz will return to normal. These factors have renewed upward pressure on oil prices.
Meanwhile, US President Donald Trump said the Memorandum of Understanding (MOU) intended to end the conflict had been signed electronically. According to reports from Reuters and AFP, the document was signed by Trump, US Vice President JD Vance, and Iranian Parliament Speaker Mohammad Bagher Ghalibaf.
A senior US administration official told AFP that Trump personally signed the document to demonstrate his commitment to completing the process successfully.
Oil price figures, market movements, and statements regarding the US-Iran agreement are based on information attributed to Reuters and AFP. The details and implementation status of the agreement remain subject to official confirmation.
