Oil Prices Surge Amid US-Iran Deal Doubts and Shipping Attacks

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 contract climbed 75 cents, or 0.84%, to $89.66 a barrel by 0553 GMT, while the US West Texas Intermediate (WTI) crude contract rose 72 cents, or 0.87%, to $83.92.

Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore, said the Middle East 'is increasingly becoming a seesaw between 'deal' and 'war', keeping oil prices swinging like a pendulum between $70 and $90 a barrel.'

The uncertainty surrounding the US-Iran peace deal has led to market volatility, with Sachdeva noting that markets may adapt to this weekly flip in narrative.