Oil Rises as Iran Awaits U.S. Response on Amended Hormuz Proposal

Crude oil benchmarks advanced on Tuesday, with WTI crude rising nearly 2% to near $94.60 per barrel as Iran awaits a formal U.S. response via Qatari mediators regarding an amended proposal to reopen the Strait of Hormuz. Oil markets had experienced severe intraday swings exceeding $4 a barrel on Monday after U.S. President Donald Trump initially rejected Tehran's conditional seven-day reopening plan and signaled potential military strikes. Brent settled near $105 per barrel and November WTI closed up just 21 cents at $93 per barrel on Monday as Qatari intermediaries launched indirect talks on revised terms.