Crude oil futures rise after Iran denies talks with US

At 9.09 am on Tuesday, June Brent oil futures were at $100.05, up by 4.31 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $91.71, up by 4.06 per cent. The price increase follows a formal denial from Iranian officials regarding reports that the country was engaging in negotiations with the United States, dampening hopes for a de-escalation of tensions that could have stabilized energy markets.