Oil Prices Rally as Strait of Hormuz Uncertainty Lingers

Oil prices continued their upward trend on Wednesday, extending gains for a fourth consecutive session as tensions around the Strait of Hormuz persisted. Brent crude futures rose 0.8% to $91.8 per barrel, while US West Texas Intermediate (WTI) crude gained 0.9% to $85.7 per barrel.

The rally in oil prices is largely driven by concerns over potential disruptions to crude exports through the Middle East's key shipping route. The Strait of Hormuz is a critical waterway for global energy markets, and any prolonged closure could have significant implications for supply chains.

US President Donald Trump stated that no talks were taking place with Iran, while Tehran maintains that the Strait remains closed to shipping. This conflicting narrative has left energy traders uncertain about the extent to which crude exports can resume normally.