Oil Prices Edge Up Amid US-Iran Talks Impasse and Lower Demand Forecasts
Oil prices rose slightly on August 12 as investors weighed the deadlock in US-Iran talks against lower demand forecasts. The Brent futures settled up 7 cents at $88.98 a barrel, while U.S. West Texas Intermediate crude rose 7 cents to $83.27.
The increase came after a senior Iranian source told Reuters there were no discussions between Iran and the US to extend their ceasefire because, from Tehran's perspective, the deal had no start date and so there was nothing to extend.
However, the gains were limited after forecasters cut global oil demand projections for 2026. The Organisation of the Petroleum Exporting Countries (OPEC) lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day, it said in its monthly oil market report.