Commodities
Oil Prices Surge Amid US-Iran Deal Uncertainty and Middle East Tensions
Oil prices rose on Wednesday as doubts about a US-Iran peace deal and attacks on two ships fueled concerns over Middle East supplies.
The Brent futures contract climbed 0.84% to $89.66 a barrel, while the WTI crude contract gained 0.87% to $83.92.
Industry data showed US crude oil inventories rose sharply last week, easing market concerns about supply tightness.
A Reuters poll indicated that US crude oil and fuel inventories were expected to have fallen last week, but American Petroleum Institute data revealed a sharp increase in crude stocks.
Crude stocks rose by 9.1 million barrels, while gasoline and distillate inventories fell by 1.5 million barrels and 596,000 barrels, respectively.