Oil Prices Rise Amid US-Iran Deal Doubts and Maritime Supply Risks

Key Facts

Amid escalating geopolitical risks in global trade routes, oil prices rose Wednesday morning driven by growing skepticism surrounding a potential peace deal between the United States and Iran. According to reports, recent attacks on two ships in the region have fueled concerns regarding potential supply disruptions from the Middle East. These price movements occur as market participants weigh political tensions against core market fundamentals.

Despite the upward pressure from tensions, official data showed an expansion in U.S. crude inventories, which typically acts as a bearish factor for prices. Per market data from the EIA Weekly Petroleum Report released on August 5, 2026, inventories saw an increase of 2.479 million barrels, defying forecasts of a 1.5 million barrel draw. However, maritime security risks and supply concerns effectively overshadowed this inventory build.

Markets are currently monitoring the stability of shipping lanes, with focus remaining on field developments in the Middle East. On the economic front, recent data highlighted inflationary pressures in the U.S. services sector, with ISM Non-Manufacturing Prices reaching 70.3 on August 5, 2026. This trend may influence future demand expectations and energy costs as traders look for further catalysts.