Oil rises as doubts over US-Iran deal heighten supply concerns

Oil prices climbed on Wednesday as uncertainty over a potential US-Iran peace deal and attacks on two ships heightened concerns about possible disruptions to Middle East crude supplies.

Brent crude futures rose 0.81% to $89.63 per barrel, while WTI crude gained 0.85% to $83.91 per barrel by 0053 GMT.

The gains came despite industry data pointing to an increase in US crude inventories, highlighting the market’s focus on geopolitical risks and potential supply disruptions.