Reuters reported that oil prices reached their highest level in a week on Tuesday, as traders became increasingly doubtful about reaching a deal that could restore stability to the Middle East and reopen the Strait of Hormuz.

According to the report, the price of Brent crude futures rose by $1.19, or 1.4%, to end trading at $88.91 per barrel. US crude oil also gained $1.07, or 1.3%, to $83.20 per barrel.

Tony Sycamore, a market analyst at IG, told Reuters: “We’ll probably now see something like a war of attrition.”

He added: “Oil prices will probably remain in the range of $75 to $95, and we’ll have to wait to see which side gives up first.”