Oil Prices Edge Higher Amid Strait of Hormuz Supply Concerns

Oil prices rose modestly on Wednesday, marking their fourth consecutive session of gains. The increase was driven by supply concerns related to the Strait of Hormuz, a critical waterway for global oil trade.

The Brent crude futures price increased by 26 cents, or 0.29%, to reach $91.28 per barrel as of 0004 GMT. Meanwhile, U.S. West Texas Intermediate crude futures rose 37 cents to $85.31 a barrel.

The rise in oil prices comes amid contradictory statements from Tehran and Washington regarding the navigability of the Strait of Hormuz. On Tuesday, U.S. President Donald Trump stated that no negotiations were underway with Iran and reaffirmed that the Strait was open, directly contradicting Iran's claim that it remained closed to maritime traffic.

The tensions have led to a temporary halt in oil tanker transits through the Strait of Hormuz by two major Chinese shipping companies, which are instead loading crude cargoes outside the Gulf region. Iraq's cabinet also endorsed procedures for exporting its crude through specialized international and local firms and via multiple export routes, as announced on Tuesday.