US-Iran Deal Uncertainty Sends Oil Prices Soaring Again

Oil prices rose on Wednesday due to concerns about supply disruptions in the Middle East. The US-Iran peace deal, which had been a source of hope for oil markets, is now facing doubts after President Trump issued a new demand that Iran offer compensation for those killed in wars, attacks, and protests.

The Brent futures contract rose 75 cents, or 0.84 percent, to $89.66 a barrel by 08:53 a.m. Saudi time, while the US West Texas Intermediate crude contract climbed 72 cents, or 0.87 percent, to $83.92.

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