Brent crude oil prices rose to $111.4 per barrel on Tuesday, up from $110 recorded on Monday, despite ongoing peace negotiations between the United States and Iran, according to data from Oilprice.com.
The increase highlights continued concerns in the global energy market over supply disruptions linked to tensions surrounding the Strait of Hormuz, a critical route for international oil shipments.
Speaking at a White House briefing on Tuesday, US Vice President JD Vance said both Washington and Tehran had made “significant progress” in negotiations and indicated that neither side wanted a return to military confrontation.
“We think that we’ve made a lot of progress. We think the Iranians want to make a deal,” Vance told reporters.
According to Reuters, Vance said he had recently spoken with President Donald Trump, who reiterated that the United States’ primary objective remains preventing Iran from acquiring nuclear weapons capability.
Vance warned that an Iranian nuclear programme could trigger a wider arms race across the Gulf region and beyond.
“We want to keep the number of countries that have nuclear weapons small, and that’s why Iran cannot have a nuclear weapon,” he stated.
The United States is reportedly seeking a long-term arrangement that would ensure Iran does not rebuild its nuclear weapons capacity in the future.
“That’s what we’re trying to accomplish in negotiations,” Vance added.
The latest rise in crude prices also comes amid mounting pressure on President Trump to secure an agreement that would lead to the reopening of the Strait of Hormuz, whose disruption has affected global fuel availability and commodity supplies.
Trump had earlier halted plans to resume military strikes on Iran after Tehran refused to surrender and reopen the strategic waterway.
The US president has repeatedly expressed optimism that a peace agreement could be reached, while also warning that military action could resume if negotiations collapse.
