Finance

Oil prices rise amid uncertainties over Middle East agreement

Oil prices are increasing despite uncertainties surrounding the agreement between the US and Iran regarding the Strait of Hormuz.

12 August 2026Tagblick Newsdesk

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Archive photo: Oil prices rise amid uncertainties over Middle East agreement — Archive photoPhoto: Daniloalvares · Wikimedia Commons · Public domain

Oil prices rose by more than 2% on Tuesday, with Brent crude briefly reaching $90 a barrel. This increase is attributed to declining optimism regarding a potential agreement between the US and Iran that could facilitate the reopening of the Strait of Hormuz, as reported by ECO.

Meanwhile, the price of Brent also increased by 1.36% to $88.91, according to information from Notícias ao Minuto. The uncertainties surrounding the agreement appear to be impacting the market, as negotiations remain at a standstill.

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