Oil Prices Soar as Trump Confirms No Talks with Iran Amid Missile Attacks

Oil prices rose for a fourth consecutive session on Wednesday after US President Donald Trump confirmed there were no talks with Iran and Tehran launched missile attacks against the UAE.

The price of Brent crude futures increased by 0.9 percent to $91.82 a barrel, while US West Texas Intermediate crude futures rose by 1 percent to $85.75.

Both benchmarks are up more than 5 percent in the past five days and have reached their highest levels since July 24 amid fading hopes of a US-Iran peace deal.

The UAE suspended all trade with Iran due to 'regional escalation' that undermines regional and international peace and security,' according to the country's foreign affairs ministry.