Hormuz Export Uncertainty Drives Up Oil Prices

Oil prices edged up on Wednesday as investors weighed conflicting messages from Tehran and Washington about whether the Strait of Hormuz is open to ships. Brent crude futures climbed 26 cents, or 0.29%, to $91.28 by 0004 GMT, while U.S. West Texas Intermediate crude futures were up 37 cents to $85.31 a barrel.

U.S. President Donald Trump said no talks were taking place with Iran and insisted the Strait of Hormuz was open, contradicting Iran's assertion that the critical waterway remained shut to shipping.

Iraq is implementing alternative export mechanisms ahead of a September 1 start to bypass the affected strait, while Chinese shipping firms have stopped sending oil tankers through Hormuz and Bab al-Mandeb amid escalating regional tensions.