US-Iran Ceasefire Efforts Stall, Driving Oil Prices Higher

Oil prices have continued their upward trend, rising by 0.5% to $91.3 per barrel as US-Iran ceasefire efforts stall.

The Brent crude futures contract reached its highest level since July 30, while the US West Texas Intermediate (WTI) crude contract gained 0.7% to $85.1 a barrel.

The expiry of the temporary ceasefire and uncertainty over the reopening of the Strait of Hormuz have added to concerns about disruptions to global energy supplies.