Iran Keeps Strait of Hormuz Closed Amid Rising Oil Prices

Oil prices surged on Wednesday as Iran's decision to keep the Strait of Hormuz closed heightened concerns over global supplies, while a decline in US crude inventories provided additional support.

The international benchmark Brent crude futures for October delivery traded at $91.72 per barrel at 10:09 a.m. local time (07:09 GMT), up 0.8% from the previous close of $91.02, while the US benchmark West Texas Intermediate (WTI) crude futures for September delivery traded at $84.71 per barrel, up 0.2% from $84.51.

Tehran vowed to keep the Strait closed until the US fulfills its commitments under a memorandum of understanding signed between the two sides in June through Pakistani and Qatari mediation.