Global oil prices rose on Wednesday, recovering from recent two-month lows. Brent crude futures increased by approximately 1.4% to $92.75 per barrel, while US West Texas Intermediate (WTI) crude gained 0.7% to reach $86.61 per barrel.

According to Reuters, the rebound was driven by rising geopolitical tensions in the Middle East and uncertainty surrounding negotiations over Iran. Iran’s security chief stated that no enriched nuclear material would leave the country, weakening hopes for an imminent diplomatic agreement.

Concerns over maritime security in the Strait of Hormuz have also added pressure to the global oil market. The strategic waterway plays a major role in international oil transportation, making any disruption a potential risk to global energy supplies.

Analysts suggest that further escalation in the Middle East could trigger additional fluctuations in oil prices. However, market movements will also depend on global supply and demand conditions.