Brent crude oil prices rose Tuesday as U.S. strikes in southern Iran and President Donald Trump’s mixed messaging on the negotiations between Tehran and Washington kept traders on edge.

International benchmark Brent crude gained 3% to $99.03 a barrel by 7:59 a.m. ET. U.S. West Texas Intermediate futures for July were trading 4% lower at $92.73 per barrel compared with Friday’s close. There was no WTI price settlement on Monday due to the U.S. Memorial Day holiday.

The U.S. military said it “conducted self-defense strikes in southern Iran today,” targeting vessels allegedly trying to deploy mines, as well as missile launch locations. The U.S. Central Command said the actions were intended “to protect our troops from threats posed by Iranian forces.”

Iran’s Islamic Revolutionary Guard Corps on Tuesday said it would retaliate against violations of the ongoing ceasefire after it identified and engaged U.S. drones and an F-35 jet fighter that entered the country’s airspace.

The Islamic Republic’s semi-official Tasnim news agency separately described recent talks with the U.S. as “overall good,” citing an informed source, but said a memorandum of understanding with Washington would be dependent on the release of $24 billion in frozen Iranian funds.

JERUSALEM (AP) — The deal being discussed between the U.S. and Iran fails to achieve any of Israel’s goals for the war, Israel’s opposition leader Yair Lapid said on Monday, as he accused Prime Minister Benjamin Netanyahu of failing to influence a better agreement.

Lapid, who is part of an alliance attempting to unseat Netanyahu in elections this year, said details of the emerging deal are “disturbing.”

“The deal is bad for Israel, bad for the region, bad for the citizens of Iran,” Lapid told reporters in Jerusalem.

Israel and the U.S. launched the war on Feb. 28 vowing to destroy Iran’s ballistic missile program, end its support for proxy militant groups across the region and end Iran’s ability to pursue a nuclear bomb. Both Netanyahu and U.S. President Donald Trump also said they hoped to create conditions to topple Iran’s government.

According to regional officials, under the current deal being discussed Iran would give up its stockpile of highly enriched uranium and reopen the strategic Strait of Hormuz in exchange for ending a U.S. blockade of Iranian ports and the lifting of sanctions against Iran. Key details on Iran’s nuclear program would then be negotiated during a 60-day period. It is unclear if the deal will address Iran’s missiles or support for regional militant groups.

Lapid expressed gratitude to Trump for launching the war with Israel, but criticized Netanyahu for allowing Washington to negotiate a potential deal with little coordination with Israel.

“The Israeli government is at an all-time low in its ability to influence decisions in Washington,” he said, noting that Trump said last week: “Netanyahu will do whatever I want him to do.”

Barack Obama
@BarackObama

On Memorial Day, we pay tribute to the brave men and women in uniform who gave their lives for this country that we love. It is a debt we can never fully repay, but we must never stop trying. I’ll always be grateful to our fallen heroes and their families, whose sacrifice reminds us of what it means to live for something greater than ourselves.