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Oil Prices Edge Up Amid US-Iran Talks Impasse and Slumping Demand

Guavy AI Editorial Team
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Oil
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Oil prices ticked up on Wednesday as investors weighed the stalemate in US-Iran talks against declining oil demand forecasts.

The Brent futures settled at $88.98 a barrel, while US West Texas Intermediate crude rose to $83.27.

A senior Iranian source told Reuters that there were no discussions between Iran and the US to extend their ceasefire because from Tehran's perspective, the deal had no start date.

The Organization of the Petroleum Exporting Countries lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report.

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