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Oil prices edged up Wednesday as Middle Eastern shipping attacks and US-Iran negotiations stalled, though weakening global demand projections capped gains. Brent crude rose to US$88.98 a barrel.
Iranian President Masoud Pezeshkian has demanded international legal action against the United States for damage inflicted on Iran's transport infrastructure during recent military strikes, characterising the attacks as war crimes.
President Donald Trump has threatened to destroy Iranian bridges or power plants for each attack on commercial vessels in the Strait of Hormuz, escalating tensions amid ongoing military exchanges in the region.
Iran's Supreme Leader Khamenei has denounced US President Trump's credibility after accusing Washington of violating a June peace memorandum, escalating tensions in the Middle East region.
Iran has rebuffed Donald Trump's offer to pursue talks, demanding the US first implement previously agreed understandings on oil exports and shipping through the Strait of Hormuz. Fresh US threats and regional tensions underscore the fragility of the ceasefire.
UN Secretary-General Antonio Guterres has voiced deep concern over escalating military tensions in the Gulf region, calling on all parties to exercise restraint and resume diplomatic negotiations to avert catastrophic consequences.