19.08.202610:41:27UTC+00Crude Oil Rises for 4th Session

Crude oil climbed toward $86 per barrel on Wednesday, advancing for a fourth straight session as the US and Iran showed little sign of reaching a deal to end the conflict or fully reopen the Strait of Hormuz, keeping supply risks elevated.

President Donald Trump said there are no ongoing negotiations with Tehran and confirmed that the US naval blockade remains in place. Despite Trump’s assertion that the strait is open and that mines have been cleared, shipping risks through Hormuz persist, with only limited traffic moving through the key chokepoint.

Iranian forces have intensified hostilities over the past week, and there have been eight reported attacks this month on vessels transiting Hormuz, including ships associated with the UAE and Saudi Arabia.

In the US, industry data showed crude inventories declined by 328,000 barrels last week, partially offsetting the previous week’s sharp build of 9.07 million barrels.