Commodities
Oil Prices Swing on US-Iran Deal Uncertainty and Shipping Attacks
Oil prices rose on Wednesday as doubts over a US-Iran peace deal and attacks on two ships fueled concerns about disruptions to Middle East supplies.
Brent futures were up 75 cents, or 0.84%, to $89.66 a barrel by 0553 GMT, while US West Texas Intermediate (WTI) crude climbed 72 cents, or 0.87%, to $83.92.
The price increases followed Tuesday's rises of more than $1 for the highest closes of both contracts since July 31.
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.'