Afghanistan, Aug. 12 -- Oil prices rose toward $90 a barrel on Wednesday as fading hopes for a U.S.-Iran peace deal heightened concerns that disruptions to energy supplies and shipping through the Strait of Hormuz could persist.
Brent crude rose 72 cents, or 0.8%, to $89.63 a barrel, while U.S. West Texas Intermediate crude gained 71 cents, or 0.9%, to $83.91 a barrel, according to Reuters.
The gains followed a sharp rise earlier in the week as investors became less confident that Washington and Tehran would reach an agreement that could ease tensions and allow more normal oil shipments through the region.
The Strait of Hormuz has become a major focus for energy markets. Shipping traffic through the waterway has fallen sharply from pre-c...