Oil Prices Edge Up On Uncertainty Over Exports Through Hormuz
· World · Economic Times, Reuters, LiveMint
Oil prices climbed for a fourth straight day in early trade on Wednesday as investors weighed conflicting messages from Tehran and Washington regarding shipping access through the Strait of Hormuz. Brent crude futures rose 0.29% to $91.28 a barrel, while U.S. West Texas Intermediate crude futures increased by 37 cents to $85.31 a barrel. US President Donald Trump stated that no talks were taking place with Iran and insisted the waterway remained open, contradicting Iranian assertions. In response to the deadlock, Iraq's cabinet approved mechanisms to export crude through specialized companies and alternate outlets starting September 1.
Why it matters
Prolonged disruptions in the Strait of Hormuz drive up global crude prices, directly threatening energyimporting nations with higher inflation and increased fuel costs.
Read the original report — Economic Times
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