Oil Prices Soar as Middle East Tensions Escalate

Oil prices rose as tensions continued to escalate in the Middle East, with US President Donald Trump stating that the US was not engaged in talks with Iran.

Brent crude futures increased by 57 cents, or 0.6%, to $91.59 per barrel, while US West Texas Intermediate crude futures jumped 62 cents to $85.56 a barrel, extending gains.

The Strait of Hormuz, the world's most important oil transit route, remains closed due to escalating tensions between the US and Iran.

Analysts at Goldman Sachs warned that Brent could spike past $110 if disruptions in the Strait of Hormuz persist for three months.