Global oil prices have stabilized around $75 as markets shift from concerns about potential supply shortages to worries about oversupply. Analysts caution that geopolitical risks may continue to keep oil prices elevated, particularly in light of ongoing developments related to a peace deal with Iran.

Nairametrics reports Brent crude rose above $100 a barrel after attacks described as the biggest on US and Iranian tankers, with prices cited at $101.20 on Wednesday, the first time above that threshold since July 24, 2026. The outlet links the surge to an escalating Middle East crisis and heightened risks to tanker traffic and supply, saying global oil prices remained above the $100 mark following the increase.

Iran's foreign ministry announced that it made "no new commitments" regarding nuclear inspections following discussions held in Switzerland. This statement comes after U.S. Special Envoy for Iran, Robert Malley, indicated that inspectors would be invited back to the country's nuclear sites.

Oil prices rose after Iran expanded a no-go zone around the Strait of Hormuz, tightening control over the key oil and gas shipping route, Channels TV reported. The restrictions have been in place since a war between Tehran and the United States began on February 28, according to the outlet, which said the latest move further limited traffic outside the vital waterway.

Iran said on Wednesday it had attacked 10 ships near the Strait of Hormuz, in what TimesLIVE describes as the biggest wave of attacks on shipping since the war began. According to the report, the Iranian strikes came after the United States sank five Iranian oil tankers. The escalation marks a significant expansion of hostilities into one of the world's most strategically important shipping lanes, through which a large share of global oil supplies passes.

Iran's chief negotiator, Mohammad Ghalibaf, announced the successful conclusion of technical talks with the United States in Switzerland. He stated that an agreement was reached to release $12 billion in frozen assets.