Commodities
Oil Prices Rise on Hormuz Uncertainty
Oil prices continued their upward trend for a fourth consecutive day on Wednesday as investors remained uncertain about the status of the Strait of Hormuz.
The price of Brent crude futures rose by $0.69, or 0.8%, to reach $91.71 per barrel, while US West Texas Intermediate crude futures increased by $0.76, or 0.9%, to $85.70 a barrel.
This increase in prices comes as the US and Iran continue to send conflicting messages about the Strait of Hormuz's status.
US President Donald Trump stated that no talks are taking place with Iran and insisted that the Strait is open, while Iran claims it remains shut to shipping due to a blockade.