Oil Prices Surge as Iran-US Standoff Continues

Oil prices have reached a three-week high as tensions between the US and Iran persist over control of the Strait of Hormuz.

The price of Brent crude oil settled at $91.02 a barrel, up 0.2% on Tuesday, while West Texas Intermediate for September delivery added 0.5% to settle at $84.94 a barrel in New York.

The conflict has been ongoing for six months, with the US and Iran remaining far apart on key issues including control of the strait, which is a crucial shipping chokepoint for global energy markets.

President Donald Trump said that the US is not currently engaged in talks with Iran or scheduled to have them, leaving the situation in limbo. Energy Secretary Chris Wright told Fox News that the US was playing the long game with the Islamic Republic.