Oil Prices Hike Amid Middle East Conflict Fears
The global crude oil prices have increased due to concerns that conflict could re-escalate in the Middle East, despite ongoing peace talks between the US and Iran.
Brent crude futures for October traded at $84.64 per barrel, up 1% from the previous close of $83.77, while US benchmark West Texas Intermediate (WTI) futures traded at $80.63 per barrel, up 0.5% from $80.25 in the previous session.
The ongoing peace talks have yet to produce a concrete outcome, and the lack of tangible progress has reinforced investor concerns that hostilities could resume.
US President Donald Trump said negotiations with Iran had resumed on Tuesday and were currently underway, adding that he had been prepared to launch one of the largest military operations since World War II but decided against it after Gulf countries urged him to halt the planned strikes.