Oil prices little changed as investors weigh lower demand against US-Iran talks deadlock

Oil prices steadied in volatile trading on Wednesday, having earlier moved $1 higher, after forecasters cut projections for 2026 global oil demand, while attacks on ships in the Middle East continued as talks to end the Iran war hit an impasse.

Brent futures LCOc1 were down 3 cents at $88.88 a barrel by 12:10 p.m. ET (1610 GMT). U.S. West Texas Intermediate crude CLc1 rose 11 cents, or 0.13%, to $83.31.

Prices rose earlier after a senior Iranian source told Reuters there were no discussions between Iran and the U.S. to extend their ceasefire because, from Tehran's perspective, the deal had no start date and so there was nothing to extend.

The U.S. and Yemen's Iran-aligned Houthis reported separate attacks on shipping in the Strait of Hormuz and the Bab el-Mandeb Strait on Tuesday, two crucial export routes for Middle Eastern oil and gas in addition to the Suez Canal.