Brent and WTI rise as conflicting U.S. and Iranian statements keep Hormuz risk premium elevated amid lapsed ceasefire.
Oil prices extended gains for a fourth straight session as persistent uncertainty over the Strait of Hormuz’s navigability kept markets on edge. Brent and WTI both edged higher in early Asia trade, closing Tuesday at their highest levels since July 24, as shippers and insurers hesitated to act amid contradictory claims from Washington and Tehran.
The U.S. insists the strait remains open, while Iran asserts it is closed, leaving no clear resolution. A temporary ceasefire expired Monday, with no diplomatic progress reported. Reports of Chinese shipping firms avoiding the region and Iraq diversifying export routes added to supply concerns.
Markets appear supported near recent highs until either side provides concrete evidence or a diplomatic breakthrough emerges.