Oil Prices Soar as US-Iran Tensions Continue

Oil prices have risen for the fourth consecutive session, driven by concerns over the ongoing conflict between the US and Iran. The price of Brent crude oil rose 0.82% to $91.77 a barrel, while U.S. West Texas Intermediate (WTI) crude increased by 0.89% to near $86 a barrel.

The tensions in the Strait of Hormuz, a strategic oil shipping lane connecting Persian Gulf producers to international markets, remain high. Maritime traffic through the strait is limited, contributing to the increase in oil prices.

US President Donald Trump stated that no talks with Tehran were taking place, adding to the uncertainty over a potential deal that would reduce tensions and ease pressure on energy markets.