Oil prices have risen 2% amid concerns over the fragile US-Iran ceasefire agreement.

With the stalled negotiations between the United States and Iran causing market concerns, oil prices have risen by over 2%. President Trump stated that the ceasefire agreement is currently "precarious". In early trading in the European market, Brent crude oil rose by 2.1% to $106.36 per barrel, while West Texas Intermediate futures rose by 2.5% to $100.51 per barrel. Analysts at Shengbao Bank said, "With the prospect of reopening the Strait of Hormuz dim, as the global oil market continues to tighten, oil prices have risen for the second consecutive day." Meanwhile, attention is turning to the Energy Information Administration later on Tuesday and the monthly outlook reports from the International Energy Agency and OPEC on Wednesday, in search of more clues about supply and demand forecasts.