Oil prices climbed as Middle East supply disruptions and fading hopes for a US-Iran peace deal heightened fears over global shipping lane stability.
Brent futures rose by 72 cents or 0.81% to $89.63 per barrel
Aug 12, 2026
10:01 am
What's the storyOil prices witnessed a surge on Wednesday morning, amid fears of supply disruptions in the Middle East.
The increase was mainly driven by doubts over a potential US-Iran peace deal and attacks on shipping.
Oil prices climb as doubts over US-Iran peace deal fuel supply fears
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