Oil prices pare losses on report of rising U.S.-Iran tensions
Oil futures traded off the session's worst levels on Tuesday afternoon, following a report from CBS News that the U.S. will deploy four B-52 bombers to the Middle East, in response to what the Trump administration said are threats of a possible attack by Iran on American troops in the region. The report "changed traders' focus from trade war worries to real war worries," Phil Flynn, senior market analyst at Price Futures Group told MarketWatch. "The switch from economic risk back to geopolitical risk the last few days has led to big swings both ways," he said. June WTI oil fell by 63 cents, or 1%, to $61.62 a barrel on the New York Mercantile Exchange after a $60.66 low. July Brent traded at $70.45 a barrel, down 79 cents, or 1.1%, on ICE Futures Europe. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.