Brent crude rises sharply amid US–Iran standoff

Brent crude oil prices rose sharply on May 12, climbing 3.5 percent amid a stalemate in US–Iran negotiations over efforts to de-escalate tensions in the Middle East.

According to data from Investing, the benchmark North Sea crude recorded a notable surge in commodity markets.

Brent had increased 3.5 percent compared with the previous trading session’s close, reaching $107.86 per barrel. At its peak, prices briefly touched $108.30.

Market analysts attributed the upward movement to growing disagreements between Washington and Tehran over the conditions for a potential ceasefire in the Middle East. The United States is reportedly opposed to several demands advanced by Iran, including the immediate lifting of the maritime blockade, compensation for damages, and the resumption of oil exports through the Strait of Hormuz.

By Vafa Guliyeva