Global oil markets rebounded Tuesday after the U.S. military struck Iranian missile sites and mine-laying boats. These defensive operations occurred near the strategic Strait of Hormuz. The strikes dampened expectations for an imminent peace agreement.
Brent crude futures rose nearly 2%. The contract traded near $98 a barrel, recouping losses from Monday's slump.
U.S. West Texas Intermediate crude traded near $91 a barrel. This price represents a 5.5% decline from Friday's close following the Memorial Day holiday.
The strikes occurred despite active diplomatic negotiations in Doha. Energy investors fear disruptions to a waterway that handles one-fifth of global oil flows.