FX.co ★ Crude Oil Rises More Than 5%

WTI crude oil futures surged as much as 5% on Tuesday afternoon, climbing above $92 per barrel as investors increasingly concluded that US–Iran negotiations had stalled ahead of the looming ceasefire deadline. According to the New York Times, Vice President JD Vance had been scheduled to travel to Pakistan on Tuesday, but the visit was postponed after Iran failed to respond to US proposals. Earlier, President Trump said Iran had “no choice” but to send representatives. In an interview with CNBC, he added that the United States remained in a strong position and was “ready to go” with new airstrikes if no deal is reached. The conflict continues to cloud supply prospects, with estimates of demand destruction already close to 4 million barrels per day and potentially rising to 5 million barrels per day—about 5% of global supply—while Asia is expected to absorb most of the impact.