Global oil prices rose for the fourth consecutive day on Wednesday as investors remained concerned about the future of oil shipments through the Strait of Hormuz.

Brent crude futures increased 26 cents, or 0.29%, to $91.80 per barrel, while US West Texas Intermediate (WTI) crude rose 37 cents to $85.60 per barrel. UAE Murban crude also traded above $97 a barrel.

Both benchmarks had closed at their highest levels since July 24 on Tuesday, supported by fading hopes for peace talks between the United States and Iran.

Conflicting Claims Over Hormuz

US President Donald Trump said on Tuesday that Washington was not holding talks with Iran and that the Strait of Hormuz was open.

Iran, however, made the opposite claim, saying the key waterway remained closed to shipping. The conflicting statements have increased uncertainty for investors and oil traders.

A temporary ceasefire between the two countries ended on Monday. A senior Iranian official told Reuters that the diplomatic deadlock was pushing Tehran towards further action, although no new attacks were reported on Tuesday.

Countries Seek Alternative Routes

Iraq’s cabinet has approved a new mechanism to export crude through multiple routes to avoid dependence on the Strait of Hormuz. The new contracts are expected to run for three months from September 1.

Meanwhile, two major Chinese shipping companies have stopped sending oil tankers through the Strait of Hormuz and Bab el-Mandeb, sources said.

US Oil Inventories in Focus

US crude and distillate inventories fell last week, while gasoline stocks increased. Official EIA data is due Wednesday, with analysts expecting crude inventories to have declined by around 600,000 barrels.