Oil Prices Surge Amid Uncertainty Over Strait of Hormuz

Oil prices surged to their highest levels in three weeks on Wednesday, driven by uncertainty over shipping through the Strait of Hormuz and continued supply disruptions.

The Brent crude futures rose 77 cents, or 0.85%, to $91.79 a barrel by 09:48 GMT, while US West Texas Intermediate crude futures gained 85 cents, or 1%, to $85.79 a barrel.

Talks between the US and Iran hit an impasse, with no new negotiations scheduled. This comes after a temporary ceasefire agreement expired on Monday, and Iranian officials signaled a tougher stance due to diplomatic deadlock.

Data showed shipping traffic through the Strait of Hormuz slowed down, with most shipowners avoiding the waterway amid continued uncertainty over safety.