Oil prices climb despite pause in hostilities

Oil prices moved slightly higher in early trading on Tuesday as investors assessed the risk of renewed conflict between Iran and Israel despite a recent pause in hostilities reportedly encouraged by US President Donald Trump.

Brent crude futures rose 13 cents, or 0.14%, to $94.38 a barrel, while West Texas Intermediate (WTI) crude gained 11 cents, or 0.12%, to $91.41 a barrel.

Traders continued to monitor developments in the Middle East after both sides signalled that further military action remained possible, raising concerns about potential disruptions to regional energy supplies and shipping routes.