Oil Prices Spike as Iran Denies U.S. Talks and Traders Refocus on Supply Risk

Oil prices were spiking again in early Asian trade on Tuesday, reversing part of the previous session’s steep losses as Iran denied claims that it had engaged in negotiations with the U.S. At the time of writing, West Texas Intermediate had climbed to $91.54, up 3.87%, while Brent crude had risen 3.43% to $103.40. The rebound follows a dramatic selloff on Monday, when Brent briefly fell below $100 per barrel for the first time since March 11 after President Trump claimed Washington had held “very good and productive” conversations…