Oil Prices Surge on Ongoing Iran-US Tensions

Oil prices rose for a fourth consecutive session on Wednesday as tensions between Iran and the US remained high over control of the Strait of Hormuz.

The standoff has led to tighter supplies in the global market, with commercial transit through Hormuz at just a fraction of pre-war levels. This is despite U.S. President Donald Trump's statement that talks with Iran were not taking place, and that the key waterway remained open.

Iran had earlier asserted that no talks with the US were taking place, and said the Strait would remain shut until the US met the conditions of an interim deal signed in June. The deal lapsed this week, with neither Washington nor Tehran signaling any intent to renew the ceasefire.