Oil: Brent Rises on Lingering Supply Concerns.

Brent crude futures rose to above $101 per barrel on Tuesday after losing nearly 3% in the previous session, as investors continued to assess the impact of the Middle East conflict on global supply. On Monday, oil prices retreated sharply as fears of a prolonged Strait of Hormuz closure eased after several tankers safely navigated the chokepoint over the weekend, raising hopes the waterway could soon reopen. India is also negotiating six additional vessels as several countries pursue back-channel talks with Iran to ensure safe passage for their ships. The US is allowing Iran to continue shipping crude through Hormuz, while US President Donald Trump has asked other nations to support efforts to safeguard commercial activity in the strait. A direct communications channel between the US and Iran has also reportedly been activated. Meanwhile, the US is preparing to release the first tranche of emergency crude reserves, while the IEA signaled room to further tap global stockpiles.