Voice Desk, August 19 – Global oil prices rose for a fourth consecutive day on Wednesday as tensions between the United States and Iran and uncertainty over the prospects for peace talks continued to unsettle the market.
In Asian trading, Brent crude gained 26 cents, or 0.29%, to $91.28 a barrel, while US West Texas Intermediate (WTI) crude rose 37 cents to $85.31 a barrel.
Oil prices had already climbed on Tuesday to their highest level since July 24.
Uncertainty Over Strait of Hormuz
Concerns over global oil supplies have intensified as prospects for a peace agreement between Washington and Tehran appear to have weakened. Conflicting statements from the two sides over shipping through the strategically important Strait of Hormuz have added to market uncertainty.
Investors are closely assessing statements from both countries while monitoring whether the tensions could lead to any major disruption to oil supplies.
The Strait of Hormuz is one of the world’s most important oil transit routes. Any significant disruption to shipping through the waterway could reduce global supplies and push oil prices even higher.
As a result, developments in the US-Iran standoff are being closely watched by energy markets, with each new signal from the two sides potentially influencing international oil prices.
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