Oil Prices Soar Amid Escalating Tensions in Middle East
Oil prices surged near $92 per barrel on Wednesday as tensions in the Middle East continued to escalate. US President Donald Trump claimed that the US is not in talks with Iran, further stoking supply worries.
Brent crude futures rose by 0.6% to $91.59 a barrel, while US West Texas Intermediate crude futures jumped 0.7% to $85.56 a barrel, extending gains from last week's attacks on tankers in the Strait of Hormuz.
A temporary ceasefire agreement between Iran and the US expired on Monday, with senior Iranian officials warning that the country is moving to a 'fully offensive' military posture due to diplomatic stalemate.
Iranian Deputy Foreign Minister Kazem Gharibabadi described Trump as a 'deluded man', stating that his claims over the Strait of Hormuz would soon be corrected, either by circumstances or by Iran itself.