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Oil rises as US-Iran deal doubtful
The oil market reacted to increasing doubts about the possibility of reaching a peace agreement between the United States and Iran, leading to a significant rise in oil prices. Brent crude increased by 0.81% to reach $89.63 per barrel, while West Texas Intermediate rose by 0.85% to $83.91. This follows a peak in prices since the end of July, driven by declining optimism over a deal between Washington and Tehran. An Iranian official confirmed that the Strait of Hormuz will remain closed until the United States agrees to Iran’s terms, resulting in a decrease in ship traffic through the strait to six vessels daily, compared to an average of 125 to 140 ships before the conflict. This has heightened fears of potential disruptions to the region’s oil supplies.
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