Oil Prices Rise on US-Iran Deal Uncertainty and Israel’s Expanded Lebanon Offensive

Oil prices climbed from a six-week low as traders weighed uncertainty over a possible US-Iran agreement, while Bloomberg reports said Washington and Tehran were seeking changes to draft terms and exchanging messages but had not reached a deal. At the same time, Israel expanded its offensive in Lebanon, adding to already elevated geopolitical tension across the region.

According to Bloomberg audio updates, the US and Iran were discussing edits to a draft agreement after President Donald Trump requested tougher terms, even as messages continued between the two sides. Other Bloomberg reports said there was still no finalized deal, and that the uncertainty around the talks was helping support crude prices.