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Crude oil prices rose for the fourth consecutive day in international markets on Wednesday (August 19) amid uncertainty over peace talks between the United States and Iran and concerns over possible disruptions to oil supplies.
Brent crude rose 26 cents, or 0.29 percent, to $91.28 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude gained 37 cents to trade at $85.31 a barrel.
Oil prices reached their highest level since July 24 on Tuesday. Fading hopes for peace between Washington and Tehran, along with conflicting statements from the two sides over shipping through the Strait of Hormuz, have raised concerns among investors.
The reduced prospects for a peace deal between the United States and Iran have renewed concerns about oil supplies. In particular, conflicting statements from Washington and Tehran over navigation through the strategically important Strait of Hormuz have increased uncertainty in the market.
Investors are now closely analyzing statements from both sides and monitoring whether the conflict could cause any major disruption to global oil supplies.
Source: Al Jazeera
