Global fuel oil prices rose, with Brent crude nearing $90 a barrel. Reuters data showed Brent crude gaining 72 cents, or 0.81%, to $89.63 a barrel on Wednesday morning. At the same time, US West Texas Intermediate, or WTI, crude rose 71 cents, or 0.85%, to $83.91 a barrel.

On Tuesday, benchmark contracts for both Brent and WTI ended the day more than $1 higher. Reuters said both benchmarks reached their highest levels since July 31 that day. Oil prices had already increased by nearly 5% on Monday.

The rise was linked to expectations that the prospect of a peace deal between the United States and Iran had diminished. Industry data also showed an increase in US crude oil inventories. Despite the inventory increase, uncertainty surrounding the possibility of a US-Iran peace agreement continued to support the upward trend in oil prices.