Oil Prices Surge as Hormuz Uncertainty Persists

Oil prices have extended their gains for a fourth consecutive session as traders remain uncertain about a potential deal to restore flows through the Strait of Hormuz.

The West Texas Intermediate (WTI) rose by 1.3% to settle near $83 a barrel, with futures highly sensitive to headlines about negotiations between the US and Iran.

Pakistan's defense minister stated that the US and Iran are 'close to some sort of arrangement' on the strait, while talks between Oman and Iran have reached an advanced stage, according to Al Jazeera.

Arne Lohmann Rasmussen, chief analyst at Global Risk Management in Copenhagen, attributed the market's reaction to 'profit taking' after the run-up in prices this week.