Oil prices rose for a fourth straight session on Wednesday as fading hopes of a quick U.S.-Iran deal kept supply risks elevated and shipping through the Strait of Hormuz disrupted.
Brent crude rose 0.29% to $91.28 a barrel, putting the benchmark 2.31% higher over the past month and 36.56% above its level a year ago.
U.S. President Donald Trump said there were no ongoing negotiations with Tehran, while the U.S. naval blockade remained in place, further dimming prospects for a swift resolution to the conflict.
Trump has said the Strait of Hormuz is open and that mines have been cleared, but shipping activity remains limited. Eight attacks on vessels transiting the waterway, including ships linked to the United Arab Emirates and Saudi Arabia, have been reported this month.
The Strait is a critical energy route, carrying about a fifth of global oil and liquefied natural gas supplies under normal conditions. The sharp decline in vessel traffic has raised concerns that disruptions could persist even if the waterway is technically open.
Iranian forces have intensified hostilities over the past week, adding to uncertainty over when normal crude flows can resume.
U.S. industry data also offered some support to prices, showing crude inventories fell by 328,000 barrels last week, after rising by 9.07 million barrels the previous week.
For oil markets, the key question is increasingly whether the disruption can be resolved quickly.
With diplomacy stalled and traffic through Hormuz still subdued, traders are beginning to price in a longer period of supply uncertainty, keeping Brent firmly above $90 a barrel.
