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Business / World Business

Oil climbs as fading Middle East peace deal diminished

Published: 18 Aug 2026 - 09:38 am | Last Updated: 18 Aug 2026 - 09:40 am
Peninsula

QNA

Singapore: Oil prices rose on Tuesday as prospects for a Middle East peace agreement faded after the US ruled out extending the ceasefire, fueling concerns about energy supplies.

Brent crude futures climbed 27 cents, or 0.3%, to $91.14 a barrel after rising to their highest since July 30 on Monday. 

US West Texas Intermediate crude futures were up 42 cents to $85.04 a barrel, but off an earlier session gain of more than 1% to reach $85.37, their highest since July 31.