Oil Prices Soar on US-Iran Tensions and Supply Disruptions

Oil prices rose on Wednesday as concerns about Middle East supply disruptions grew, driven by doubts over a US-Iran peace deal and attacks on two ships.

The Brent crude benchmark topped $100 per barrel, while West Texas Intermediate (WTI) crude climbed to $83.91 a barrel, following Tuesday's gains of over 5%.

Industry data showed that U.S. crude inventories rose sharply in the week ended August 7, with a build of around 9.1 million barrels, according to American Petroleum Institute data cited by market sources.

This development could ease concerns about supply tightness, said Haitong Futures in a note.