US-Iran Standoff Drives Brent Crude Prices Higher for Fourth Straight Day

Oil prices have risen for a fourth consecutive day due to ongoing uncertainty surrounding the US-Iran standoff. The front-month ICE Brent contract has gained $0.98/bbl, reaching $91.90/bbl at 09.00 GMT.

The potential implications of additional sanctions on Iran could be severe, particularly regarding shipping through the Strait of Hormuz. Market analysts are closely monitoring the situation in the Middle East, where a 60-day peace accord between the US and Iran effectively ended earlier this week.

Iran's state-owned news agency IRNA reported that Tehran considers the agreement to be 'in a coma', suggesting it could return to negotiations if Washington agrees to its demands. This development has contributed to upward pressure on oil prices, with risk premiums continuing to support Brent crude.