Oil prices rose on Wednesday for the fourth consecutive session, as investors evaluated conflicting messages from Tehran and Washington regarding whether the Strait of Hormuz remains open to maritime shipping.
اضافة اعلان
By 06:30 GMT, Brent crude futures advanced 42 cents, or 0.5%, reaching $91.44 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 51 cents, or 0.6%, rising to $85.45 per barrel.
Both benchmarks had settled higher on Tuesday, touching their highest levels in over three weeks as hopes faded for an end to the war between the United States and Iran.
U.S. President Donald Trump said on Tuesday that Washington is not holding any talks with Iran, asserting that the Strait of Hormuz is open—a statement contradicting an earlier Iranian assertion that the strait remains closed to maritime navigation.
A temporary ceasefire agreement expired on Monday, and a senior Iranian official told Reuters that his country is shifting toward a "fully offensive" military stance due to diplomatic deadlock, although no new attacks were reported by either side on Tuesday.
Data released on Wednesday showed a slowdown in shipping traffic through the Strait of Hormuz, with most shipowners avoiding the vital waterway due to the absence of clear signals regarding its opening.
"Maritime shipping risks are rising once again as attacks from Iran and the Houthis persist in both strategic choke points, lifting near-term oil prices," said June Goh, senior oil market analyst at Sparta Commodities, referring to the Strait of Hormuz and the Bab al-Mandab Strait.
She added, "However, Gulf producers are finding alternative export routes to transport oil to the Gulf of Oman... if sustainable, this could help restore shut-in production."
In an effort to bypass the Strait of Hormuz, the Iraqi Cabinet announced on Tuesday the approval of mechanisms to export crude oil through specialized international and local companies via various export outlets.
A statement issued following the Cabinet meeting clarified that contracts under the new mechanism will be effective for three months starting September 1.
In the United States, market sources cited American Petroleum Institute data on Tuesday showing that crude oil and distillate inventories fell last week, while gasoline stocks rose.
Official inventory figures from the U.S. Energy Information Administration are scheduled for release at 10:30 AM Eastern Time (14:30 GMT). Analysts polled by Reuters expect crude inventories to have dropped by approximately 600,000 barrels for the week ending August 14. – (Reuters)
