Oil Prices Rise for Fourth Day as Hormuz Traffic Slows

AI Summary

Oil prices have risen for the fourth consecutive day as tanker traffic through the Strait of Hormuz slows down amid escalating tensions between the US and Iran. Both countries have shown unwillingness to return to negotiations, causing Brent crude and WTI prices to increase significantly.

Crude oil prices extended their gains for the fourth day today as fresh tanker-tracking data suggests traffic via the Strait of Hormuz has slowed further amid harder rhetoric from both Iran and the United States, with both sides demonstrating an unwillingness to return to the negotiating table. At the time of writing, Brent crude was trading at $91.53 per barrel, and West Texas Intermediate was changing hands for $85.47 per barrel, two days after the expiration of the June ceasefire deal the U.S. and Iran had agreed, which broke down in early July.…