Iran-US Standoff Sustains Oil Price Gains

Oil prices have held onto their four-day gains as traders assess the ongoing standoff between Iran and the US, with some crude being shipped through the Strait of Hormuz.

The West Texas Intermediate for October traded above $84 a barrel, while Brent closed near $92.

President Donald Trump told reporters on Wednesday that 'a lot of oil' was passing through the waterway, but declined to restart talks with Tehran at this point.

Crude has rallied steeply this year following the conflict between Washington and Tehran, despite visible traffic remaining far below normal levels in the Strait of Hormuz.