Middle East Tensions Push Oil Prices Closer to $90

Oil prices rose closer to $90 per barrel on Wednesday as tensions in the Middle East intensified. The hopes for a US-Iran peace deal weakened, leading to increased concerns about possible supply disruptions.

Brent crude rose 72 cents, or 0.81%, to $89.63 a barrel, while US West Texas Intermediate crude gained 71 cents, or 0.85%, to $83.91. These benchmarks extended their gains from the previous session and settled more than $1 higher on Tuesday.

The Strait of Hormuz remains a major concern for energy markets, with Iranian security official Mohsen Rezaei stating that it would remain closed unless Washington accepted Iran's conditions. Those conditions reportedly include releasing frozen Iranian assets and ending other regional conflicts.