Brent and WTI crude oil prices edged up slightly amid stalled US-Iran ceasefire negotiations and escalating Middle East tensions. Disputes over the Strait of Hormuz and Houthi attacks on shipping (killing 4 crew members) raised supply concerns, though US crude inventory jumped 17.4 million barrels. OPEC cut 2026 demand growth forecasts for the fourth consecutive month, signaling demand headwinds despite geopolitical support for prices.