Oil prices climbed for a fourth straight day on Wednesday as investors weighed conflicting messages from Tehran and Washington on whether the Strait of Hormuz is open to ships.
Brent crude futures climbed 69 cents, or 0.8%, to $91.71, while United States (US) West Texas Intermediate crude futures were up 76 cents, or 0.9%, to $85.70 a barrel.
Both contracts closed on Tuesday at their highest in more than three weeks as hopes of peace between the US and Iran faded.
US President Donald Trump said on Tuesday no talks were taking place with Iran and insisted the Strait of Hormuz was open, contradicting Iran’s assertion that the critical waterway remained shut to shipping.
A temporary ceasefire agreement expired on Monday, and a senior Iranian official told Reuters that his country was moving to due to the diplomatic stalemate, though there were no reports of fresh strikes by either side on Tuesday.
–Reuters–
