Oil Prices Surge as Iran-US Standoff Continues
Oil prices continued their upward trend on Wednesday, rising for a fourth consecutive session as tensions between Iran and the US remained high over the Strait of Hormuz.
The price of oil increased by 0.45% to $85.32 a barrel by 19:45 ET (23:45 GMT), while Brent futures hit a near three-week high due to concerns over global supplies.
The standoff between Iran and the US has been ongoing for weeks, with neither side showing any signs of backing down. U.S. President Donald Trump stated that talks with Iran were 'neither taking place' and that no dialogue was scheduled, but also claimed that Hormuz remained open.
Iran had previously asserted that no talks with the US were taking place and denied US claims on Hormuz's opening, saying it would remain shut until the US met the conditions of an interim deal signed in June.