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Oil rises for fourth straight day as US-Iran talks stay deadlocked
Brent was above $90 a barrel and WTI traded above $85, with shipping disruptions tied to concerns about the Strait of Hormuz and Iraq’s planned export route starting September 1.
Oil prices moved higher for a fourth consecutive session as investors weighed ongoing supply risks linked to a US-Iran diplomatic deadlock, extending gains for both major benchmarks, LiveMint Markets reported.
Brent crude futures rose 26 cents, or 0.29%, to $91.28 a barrel, while US West Texas Intermediate increased 37 cents to $85.31 a barrel. Both contracts had settled at their highest levels since July 24 on Tuesday, as prospects for a peace agreement between Washington and Tehran appeared to diminish.
The report cited conflicting signals over whether the Strait of Hormuz remains open for shipping, after a temporary ceasefire ended on Monday. It also said there were no reports of new attacks on Tuesday, despite a senior Iranian official describing a shift toward a “fully offensive” stance amid the diplomatic deadlock, according to Reuters.
Beyond the diplomacy, Iraq’s cabinet approved a mechanism to export Iraqi crude through multiple routes using specialized companies, with contracts set to run for three months beginning September 1. The story also said two major Chinese shipping companies halted tanker movements through the Strait of Hormuz and the Bab al-Mandeb Strait, sourcing cargoes outside the Gulf, and noted that US crude and distillate inventories declined last week while gasoline stocks increased, according to data cited from the American Petroleum Institute by Reuters.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%|Gasoline (RBOB) $2.901 ▼7.3%