Oil Prices Rise Amid Talks on Strait of Hormuz Reopening

Crude oil prices have risen nearly 2% in choppy trade on Wednesday as traders evaluate Iranian President Masoud Pezeshkian's vow to never surrender. The price of Brent crude futures rose $1.84, or 1.85%, to $101.09 a barrel by 8:41 PM, while West Texas Intermediate futures gained 69 cents, or 0.76%, to $91.21.

The increase in oil prices comes as talks between indirect parties discussed the reopening of the Strait of Hormuz and the lifting of Washington's naval blockade on Iran. However, Iranian security chief Mohsen Rezaei had previously stated that the Strait would not be reopened while Iran's conditions are not met.