Mirian Gom 
ABUJA, Nigeria – Global oil prices climb above $111 per barrel despite renewed optimism surrounding nuclear negotiations between the United States and Iran.
Data from Oilprice.com on Tuesday shows Brent crude rising to $111.4 per barrel from $110 recorded a day earlier, reflecting continued market anxiety over supply disruptions and tensions around the Strait of Hormuz.
US Vice President JD Vance says Washington and Tehran have made “significant progress” in ongoing talks aimed at preventing further military escalation.
“We think that we’ve made a lot of progress. We think the Iranians want to make a deal,” Vance tells reporters during a White House briefing.
The negotiations follow reports that President Donald Trump halted plans for renewed military strikes on Iran after Tehran refused demands linked to the reopening of the Strait of Hormuz.
The strategic waterway remains critical to global energy supplies, with disruptions threatening fuel availability worldwide.
Vance reiterates that the United States remains focused on preventing Iran from acquiring nuclear weapons.
“We want to keep the number of countries that have nuclear weapons small, and that’s why Iran cannot have a nuclear weapon,” he says.
Washington is pushing for a long-term agreement that would prevent Tehran from rebuilding its nuclear weapons capabilities in the future.
Analysts say oil markets remain volatile as investors monitor both diplomatic progress and the risk of renewed military confrontation in the Gulf region.
Trump also faces mounting international pressure to secure an agreement capable of stabilising oil exports and reopening shipping routes affected by the standoff.
About the Author
