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Commodities

Oil Prices Soar as US-Iran Peace Hopes Fizzle

Guavy AI Editorial Team
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Oil
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Oil prices surged on Tuesday as hopes for a US-Iran peace deal dwindled, sparking concerns about global energy supply.

The price of Oman Crude rose to $90.16 per barrel for September delivery, an increase of $2.40 from Monday's closing price of $87.76.

Iran has announced it will shift to a 'fully offensive' military posture in response to stalled peace talks, while the US has ruled out extending their temporary ceasefire pact.

Brent crude futures climbed 62 cents, or 0.7%, to $91.49 a barrel, with US West Texas Intermediate crude futures up 75 cents at $85.25 per barrel.

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