Brent crude oil futures rose nearly 2% in early Asian trading on Tuesday, reaching $97.56 per barrel, following US military strikes in southern Iran. The US Central Command reported that these strikes targeted Iranian boats and missile launch sites, aiming to protect American troops from threats posed by Iranian forces. This military action comes amid ongoing negotiations for a potential deal to end the three-month-long war, which has significantly disrupted global oil flows, with Iran effectively blocking most non-Iranian shipping in the Gulf. Reports indicate that both Washington and Tehran have made progress on a memorandum of understanding, which could lead to a ceasefire and allow for the safe passage of vessels through the Strait of Hormuz. Despite this optimism, market analysts caution that the deal could still fall through, as evidenced by previous failed negotiations. Traders are closely monitoring developments, as the situation could lead to the release of tankers currently stranded in the region.