Oil Rises as Traders Weigh Mixed Signals on U.S.-Iran War De-escalation

Brent crude rose 1.1% to $110 a barrel and WTI futures climbed 1.2% to $99 on Wednesday as investors weighed conflicting signals over efforts to end the U.S.-Iran war, following sharp swings in the prior session. Traders assessed reports that a peace proposal from Qatar and Pakistan — offering a "middle ground" plan — drew positive responses from Washington and Tehran, raising hopes a breakthrough could be announced possibly this week. Under the de-escalation plan, Iran is reportedly considering granting nuclear inspections in exchange for access to about $6 billion in frozen funds. But Iranian President Masoud Pezeshkian said the U.S. must end pressure and threats and lift economic sanctions before any negotiations. Iran's First Vice President said the country had "no choice but to exercise sovereignty" over the Strait of Hormuz. Escalating tanker attacks and strikes against Saudi Arabia added further pressure, with the Revolutionary Guards saying naval mines blocked three tankers using unauthorized routes.