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Global Oil Prices Rise Again Amid US-Iran Tensions
Crude oil prices rose for a fourth consecutive day in international markets on Wednesday amid uncertainty over peace talks between the United States and Iran and growing concerns about potential disruptions to global energy supplies.
Brent crude rose 26 cents, or 0.29 percent, to $91.28 a barrel.
Meanwhile, US West Texas Intermediate (WTI) crude gained 37 cents to trade at $85.31 a barrel.
Oil prices reached their highest level since July 24 on Tuesday as hopes for a US-Iran peace deal weakened and conflicting statements from Washington and Tehran over shipping through the Strait of Hormuz raised concerns among investors.
The growing uncertainty over a possible resolution to the conflict has renewed fears about disruptions to global oil supplies. In particular, concerns over shipping through the strategically important Strait of Hormuz have added pressure to the market.
Investors are closely monitoring statements from both countries and developments in the conflict to assess whether the situation could lead to a major disruption in oil supplies.