Oil Prices Soar as US-Iran Peace Deal Hopes Fade Again

Oil prices rose on Wednesday as doubts about a US-Iran peace deal and attacks on two ships fueled concerns over disruptions to Middle East supplies.

The Brent futures price increased by $0.75, or 0.84%, to $89.66 per barrel, while the US West Texas Intermediate (WTI) crude climbed $0.72, or 0.87%, to $83.92.

Hopes for a peace deal between the US and Iran had been dwindling after President Trump issued a new demand that Iran offer compensation for those killed in wars, attacks, and protests.

Iran's top security official, Mohsen Rezaei, stated that the Strait of Hormuz would remain closed unless the US accepted Iran's conditions to end the war, including the release of its frozen assets and an end to other regional conflicts.