US-Iran Tensions Send Oil Prices Soaring to Four-Day High

Oil prices continued their upward trend on Wednesday, reaching a four-day high as concerns over potential disruptions to crude supplies persisted. The uncertainty surrounding the Strait of Hormuz and the lack of progress between the US and Iran kept traders focused on geopolitical risks.

The Brent crude price rose by $0.26, or 0.29%, to reach $91.28 a barrel, while West Texas Intermediate (WTI) gained $0.37 to $85.31. Both benchmarks ended Tuesday at their highest levels since July 24.

US President Donald Trump said there were no negotiations with Tehran and maintained that shipping through the Strait of Hormuz remained possible. However, Iran claimed the crucial shipping route remains closed, further exacerbating tensions.