Oil prices edged higher for a third consecutive session on Tuesday as hope for a deal to end the Middle East conflict weakened.
According to media reports, Brent crude futures rose 7 cents, or 0.08%, to $90.94 a barrel by 1031 GMT, while U.S. West Texas Intermediate (WTI) gained 53 cents, or 0.63%, to $85.03.
Earlier in the session, both benchmarks reached their highest levels since July 30 and July 31, respectively.
Market sentiment was supported by U.S. President Donald Trump’s decision against extending the U.S.-Iran ceasefire arrangement, along with continued security concerns surrounding the Strait of Hormuz.
Momentum toward peace negotiations and the restoration of normal tanker traffic through Hormuz has stalled, increasing fears that the conflict, which began with U.S. and Israeli strikes on Iran on February 28, could continue.
Iranian Parliament Speaker Mohammad Baqer Qalibaf said Tuesday that Iran would keep the Strait of Hormuz closed until the US fulfills the terms of an interim agreement reached in June. Trump has previously declared the agreement finished.
The comments followed remarks by a senior Iranian official that Tehran would move toward a “fully offensive” military posture as efforts to secure a lasting end to the conflict have failed to make progress.
