Middle East Tensions Send Oil Prices Soaring Amid Disrupted Supplies

Oil prices rose on Wednesday due to concerns over supply disruptions in the Middle East. Hopes for a US-Iran peace deal have been dwindling, and attacks on two ships in the Strait of Hormuz have added to the uncertainty. Brent futures increased by 75 cents to $89.66 per barrel, while WTI crude climbed by 72 cents to $83.92.

President Trump's demand that Iran offer compensation for those killed in wars, attacks, and protests has raised doubts about a deal being reached soon. This has led to a volatile market environment, making it profitable for some traders who adapt to the weekly flip in narrative.

A Reuters poll showed that US crude oil and fuel inventories were expected to have fallen last week, but data from the American Petroleum Institute revealed a sharp increase in US crude inventories by 9.1 million barrels.