Middle East Tensions Lift Oil Prices Amid Doubts Over US-Iran Deal

Oil prices have risen slightly due to ongoing tensions in the Middle East and doubts about a potential agreement between the US and Iran.

The Brent futures settled at $88.98 a barrel, up 7 cents from the previous day, while US West Texas Intermediate crude rose to $83.27, also up 7 cents.

According to Simon-Peter Massabni, head of business development at brokerage XS.com, 'The continued strength in oil prices comes as markets grow increasingly doubtful that an agreement can soon be reached to ease disruptions to crude flows from the region or prevent another escalation of the conflict.'

The US and Yemen's Iran-aligned Houthis reported separate attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb Strait, crucial export routes for Middle Eastern oil and gas.