As a result, international oil prices surged again on Wednesday (August 12). Concurrently, US West Texas Intermediate (WTI) crude oil prices increased by 71 cents, or 0.85 percent, to $83.91. This comes after both benchmarks had risen by more than one dollar on Tuesday, pushing oil prices to their highest level since July 31. On Monday, oil prices had already climbed by nearly 5 percent amid diminishing prospects for a peace deal. US Crude Oil Inventories IncreaseMeanwhile, data indicating a rise in US crude oil inventories has also entered the market.