Oil Prices Edge Higher Amid Strait of Hormuz Uncertainty
Oil prices rose on Wednesday due to uncertainty over exports through the Strait of Hormuz. Brent crude futures increased by 26 cents, or 0.29%, to $91.28 a barrel, while US West Texas Intermediate crude futures climbed 37 cents to $85.31.
The price hike comes as investors weighed conflicting messages from Tehran and Washington on whether the critical waterway is open to ships. On Tuesday, US President Donald Trump stated that no talks were taking place with Iran and insisted the Strait of Hormuz was open, contradicting Iran's assertion that it remained shut to shipping.
A temporary ceasefire agreement expired on Monday, leading Iran to move to a 'fully offensive' military posture due to the diplomatic stalemate. However, there were no reports of fresh strikes by either side on Tuesday.