London (HRNW)- Global crude oil prices climbed to a three-week high for the fourth consecutive day amid uncertainty surrounding the US-Iran ceasefire and continued disruptions to commercial shipping through the Strait of Hormuz.
According to Reuters, Brent crude for October delivery rose 45 cents, or 0.49%, to $91.47 per barrel, while US West Texas Intermediate (WTI) increased 45 cents, or 0.53%, to $85.39 per barrel. By the end of the day, Brent had risen further to $91.56, while WTI reached approximately $85.53 per barrel.
Investors are closely watching when the safe passage of commercial vessels through the Strait of Hormuz will return to normal. Shipping activity through the strategic waterway remains significantly below normal, with many shipowners reportedly avoiding the route because of security concerns.
The disruptions are also affecting Russia and adding pressure to global energy markets. US President Donald Trump has accused oil companies of making excessive profits amid rising fuel prices and threatened additional taxes, allegations rejected by petroleum companies.
The Strait of Hormuz is one of the world’s most important energy routes, carrying more than 20% of global oil and gas supplies. According to the report, Iran has closed the waterway in response to US and Israeli attacks, further increasing concerns over global energy supplies.
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