Hormuz Tensions Fuel Fourth Consecutive Day of Rising Oil Prices

Oil prices rose for the fourth consecutive day as tanker-tracking data indicated that traffic through the Strait of Hormuz has slowed further. The latest development comes amid increased tensions between Iran and the United States, with both sides showing no willingness to return to negotiations.

Brent crude was trading at $91.53 per barrel, while West Texas Intermediate (WTI) changed hands for $85.47 per barrel, two days after the expiration of the June ceasefire deal agreed upon by the U.S. and Iran.

President Trump declared the Strait of Hormuz open, but Iran maintains it is still shut down. Reports have suggested that tankers are turning away from the chokepoint in recent days, supporting this claim.

A cargo ship was reportedly struck by an 'unknown projectile' while transiting the Strait on Tuesday, according to the United Kingdom Maritime Trade Operations.