Iran Keeps Hormuz Closed, Fueling Oil Price Gains

Oil prices rose on Wednesday as Iran's decision to keep the Strait of Hormuz closed heightened concerns over global supplies.

The international benchmark Brent crude futures for October delivery traded at $91.72 per barrel, up 0.8% from the previous close of $91.02.

Iran vowed to keep the strait closed until the US fulfills its commitments under a memorandum of understanding signed between the two sides.

The prolonged closure of the Strait threatens crude and fuel flows through one of the world's most important energy transit routes, supporting higher prices.