Oil Prices Surge Amid Hopes of Mideast Deal

Stock markets around the world experienced a dip on Wednesday as investors weighed the chances of a deal to end the Middle East conflict. US President Donald Trump said that the talks between the US and Iranian representatives at the United Nations were 'very productive' and that two more meetings are scheduled in the near future.

The hopes for a deal had sent oil prices down sharply since last week, but they rose again on Wednesday as investors became cautious about the prospects of a resolution. Brent North crude, the international benchmark, climbed almost 2 percent to above $100 per barrel.

Stephen Innes at Quintex Intel noted that the UN meeting matters because it shifts the market from pure escalation pricing toward a genuine diplomatic process, even if a final deal still looks distant. The OECD slightly raised its economic output forecasts for 2026, saying global growth had been resilient despite the war.