Crude oil futures surge on geopolitical tensions. Brent crude climbed 4.45 percent to $100.19 while WTI rose 4.22 percent to $91.85 after Iran denied conducting negotiations with the US to resolve West Asian conflicts. Iranian Parliament Speaker Mohammad Bagher Ghalibaf rejected claims of talks, stating no discussions have occurred and accusing the US of spreading misinformation to manipulate oil markets. The denial reversed Monday's losses triggered by President Trump's statement about productive conversations between the nations. Additionally, a fire at Valero Energy's Port Arthur refinery, which processes 380,000 barrels daily, heightened supply disruption concerns and further supported prices. The combination of diplomatic uncertainty and potential supply constraints continues driving upward momentum in crude markets.
