Oil rebounds after earlier drop on Trump Iran remarks

An editorial published Tuesday by Iran’s IRGC-linked Tasnim News Agency said claims about behind-the-scenes negotiations between Tehran and Washington are part of a strategy to create divisions within Iran.

The commentary argued that proposals for secret talks involving only part of Iran’s political establishment reflected a “complex design by the enemy” aimed at undermining unity during the war.

It also dismissed reports circulating Monday that Iran’s parliament speaker Mohammad Bagher Ghalibaf could be involved in negotiations, saying the suggestion was intended to trigger political infighting inside the country.

The editorial insisted that Iran already has a unified framework, approved by all centers of power, for how the country should approach an eventual exit from the war.

European Commission President Ursula von der Leyen said Tuesday it was time for negotiations to end the hostilities involving Iran, warning the conflict is having global economic consequences.

“The situation is critical for the energy supply worldwide. We all feel the knock-on effects on gas and oil prices, our businesses and our societies,” von der Leyen said at a news conference with Australian Prime Minister Anthony Albanese.

“It is of utmost importance that we come to a solution that is negotiated and this puts an end to the hostilities that we see in the Middle East,” she said.

Von der Leyen also condemned Iran’s attacks on civilian infrastructure across the region.

North Korean leader Kim Jong Un said his country would strengthen its nuclear forces amid US-Israeli military campaign against Iran, rejecting the idea of disarmament in exchange for economic benefits or security guarantees.

“The current world reality, where the dignity and rights of sovereign states are mercilessly violated by unilateral force and violence, clearly teaches what the true guarantee of a state’s existence and peace is,” Kim said Monday in an address to the Supreme People’s Assembly.

In remarks widely seen as referring to the ongoing Iran war, Kim said that Pyongyang would continue strengthening its nuclear capabilities, presenting the arsenal as essential for safeguarding the country’s sovereignty and long-term security.

Airstrikes targeting a site belonging to Iraq’s Popular Mobilization Forces (PMF) in the western province of Anbar killed at least six fighters, including the group’s local operations commander, security sources told Reuters early Tuesday.

The sources said the dead included Saad al-Baiji, the PMF’s Anbar operations commander, while at least 15 others were wounded in the attack.

The PMF accused the United States of carrying out the strike.

Known in Arabic as Hashd al-Shaabi, the PMF is an umbrella network of mostly Shi’ite paramilitary factions formally integrated into Iraq’s state security forces and includes several groups aligned with Iran.

Traders placed a roughly $580 million bet on falling oil prices shortly before President Donald Trump announced a pause on planned strikes against Iran, according to an exclusive report by Financial Times.

The position, which effectively wagered that oil prices would drop, was placed shortly before Trump said he would postpone military action and described recent contacts with Iran as “productive.”

Oil prices fell following the announcement as markets reacted to the prospect of a de-escalation in tensions in the Middle East.

The timing of the trade has drawn scrutiny from market participants, the FT reported, as analysts examine whether the position reflected unusually accurate market anticipation or access to advance information about the policy shift.