Commodities
Oil Prices Soar Amid Strait of Hormuz Shipping Uncertainty
Oil prices have risen amid uncertainty over whether ships can pass through the Strait of Hormuz. Brent futures gained 26 cents, or 0.29%, to $91.28 per barrel as of August 19 at 00:04 GMT.
U.S. West Texas Intermediate (WTI) crude rose 37 cents to $85.31 per barrel. Both contracts closed on August 18 at their highest levels since July 24, as hopes for peace between the U.S. and Iran faded.
U.S. President Donald Trump stated that negotiations with Iran are not taking place and that the Strait of Hormuz is open to shipping. However, this contradicts Iran's statement, which claims that the vital waterway remains closed to shipping.