Oil Prices Inch Up on Stalled US-Iran Talks and Weaker Demand

Oil prices rose slightly on August 13th as US-Iran negotiations stalled and demand weakened. Brent crude oil prices increased by 7 cents to $88.98 per barrel, while WTI crude oil prices rose by 7 cents to $83.27 per barrel.

The market became increasingly skeptical that an agreement could be reached soon to ease disruptions to crude oil flows from the region or prevent renewed escalation of conflict.

According to Simon-Peter Massabni, head of business development at brokerage firm XS.com, 'From Tehran's perspective, the agreement has no start date, so there is no basis for extension.'

The US and Houthi forces in Yemen said on Tuesday that separate attacks had occurred on ships in the Strait of Hormuz and the Bab el-Mandeb Strait.