Oil Prices Surge on Uncertainty and Conflicting Statements
Oil prices surged for a fourth consecutive day as uncertainty over supply kept markets on edge.
The Brent crude futures rose by 26 cents, or 0.29%, to $91.28 a barrel at 0004 GMT, while US West Texas Intermediate (WTI) crude increased by 37 cents to $85.31 a barrel.
Both benchmarks reached their highest levels since July 24 on Tuesday, driven by weakening hopes for a US-Iran peace deal and conflicting statements from Washington and Tehran about the Strait of Hormuz.
US President Donald Trump said that Washington was not holding talks with Iran, while also stating that the Strait remained open. However, Iran continued to assert that the key shipping route was closed to vessels.
The uncertainty surrounding oil supplies led Iraq to take measures to protect its exports. The Iraqi cabinet approved a new mechanism for exporting crude through international and local companies, as well as multiple export routes to avoid the Strait of Hormuz.