Middle East Tensions Drive Slight Oil Price Increase

Oil prices rose slightly on Wednesday due to ongoing supply concerns in the Middle East. The Brent futures contract settled at $88.98 a barrel, up 7 cents from the previous day's close. US West Texas Intermediate crude also increased by 7 cents to $83.27.

The price increase came as attacks on ships in the region continued and negotiations between the US and Iran hit an impasse. A senior Iranian source stated that there were no discussions to extend their ceasefire, as Tehran views the deal as having no start date.

Simon-Peter Massabni, head of business development at XS.com, noted that markets are growing increasingly doubtful about reaching a deal to ease disruptions in crude flows from the region or prevent another escalation of the conflict.