Oil Prices Rise Amid Cautious Optimism for Middle East Peace Prospects

Oil prices climbed today amid cautious optimism regarding the prospects for peace and the resolution of the crisis between the United States and Iran.

By 09:35 Moscow time, futures for the US West Texas Intermediate crude for August delivery rose by 0.35% to reach $68.93 per barrel.

Meanwhile, futures for the global Brent crude blend for September delivery increased by 0.54%, reaching $72.19 per barrel.

In the previous trading session, both indices recorded their lowest levels since before the outbreak of the US-Israeli war on Iran in late February 2026. Brent crude has declined by 0.02% since the start of the week, whereas West Texas Intermediate crude has risen by 0.12% during the same period.

Tim Woerter, chief market analyst at K.C.M. Trade, stated, "It is a case of cautious optimism, as the market wants to believe that peace efforts will hold, but it remains hedged in its expectations until it sees real evidence on the ground."