Oil Prices Rise Amid Ongoing Iran-US Tensions

Oil prices rose for a fourth consecutive session on Wednesday due to ongoing tensions between Iran and the US over the Strait of Hormuz.

Brent oil futures increased by 0.3% to $91.33 per barrel, while U.S. West Texas Intermediate crude futures rose by 0.4% to $85.27 per barrel.

The escalation in tensions has led to reduced vessel traffic through the Strait of Hormuz, raising concerns about potential oil supply disruptions.

According to Reuters, six commodity vessels transited the strait on Tuesday, compared to nine a day earlier and an average of 11 over the past 10 days.