Oil Prices Rise for Fourth Day as U.S.-Iran Strait of Hormuz Standoff Continues

TLDR

• Oil prices rose for a fourth straight session on Wednesday on supply uncertainty
• Brent crude hit $91.71 and WTI reached $84.73 a barrel
• The U.S.-Iran ceasefire expired Monday with no signs of renewal
• Iran says Hormuz remains shut; Trump insists it is open
• U.S. crude inventories fell last week, adding upward pressure on prices

Oil prices climbed for a fourth straight day on Wednesday as conflicting signals from Washington and Tehran kept markets on edge over the Strait of Hormuz.

Brent crude futures rose 0.76% to $91.71 a barrel, while West Texas Intermediate gained 0.8% to $84.73. Both contracts hit their highest levels since July 24 earlier this week.

The tension centres on the Strait of Hormuz, a waterway that carried roughly a fifth of the world’s oil supply before the conflict began. Shipping data shows commercial transit through the strait remains at a fraction of pre-war levels.

A temporary ceasefire between the U.S. and Iran expired Monday. Neither side has signaled any intent to renew it.

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