Oil Prices Rise on Strait of Hormuz Uncertainty
Oil prices continued their upward trend for a fourth consecutive day on Wednesday as investors weighed conflicting signals from Tehran and Washington regarding the status of the Strait of Hormuz.
The waterway, a critical chokepoint for global oil supplies, has been subject to uncertainty since a temporary ceasefire agreement expired on Monday. Iran's assertion that the strait remains shut to shipping contradicts US President Donald Trump's claim that it is open.
Brent crude futures rose 42 cents, or 0.5%, to $91.44 per barrel, while U.S. West Texas Intermediate crude futures increased by 51 cents, or 0.6%, to $85.45 a barrel.
Risk analyst June Goh noted that shipping risks are increasing again as attacks from Iran and the Houthis remain prevalent in key chokepoints, supporting oil prices in the near term.