Crude oil prices moved higher for a third consecutive session on Wednesday after U.S. President Donald Trump signalled that military operations against Iran could intensify. At the same time, the United States reinstated its maritime blockade on Iranian shipping through the Strait of Hormuz, reinforcing concerns over potential disruptions to global energy supplies.
Brent and WTI remain close to monthly highs
At 03:53 ET (07:53 GMT), Brent crude futures for September delivery rose 0.6 percent to 85.23 dollars a barrel, while West Texas Intermediate crude futures gained 0.4 percent to 79.67 dollars a barrel.
Both benchmarks continued to trade near one-month highs after rallying almost 10 percent earlier in the week.
Trump signals further military action
The U.S. military confirmed it launched additional strikes against Iranian targets early Wednesday, focusing on capabilities linked to attacks on commercial shipping in the Strait of Hormuz.
Speaking to Fox News, President Trump said military operations would continue unless Iran agreed to resume negotiations.
“We will continue striking Iran until it returns to the negotiating table,”
he said, adding that power stations and bridges could become targets as early as next week if no agreement is reached.
Trump also stated that military and coastal infrastructure would remain legitimate targets, while energy facilities would not be attacked for the time being.
Maritime blockade supports crude prices
Investor concerns over oil supplies also increased after Washington officially reinstated its blockade on Iranian shipping.
However, Trump later abandoned a proposal to introduce a 20 percent transit fee on cargo moving through the Strait of Hormuz following opposition from several Gulf allies.
Despite that decision, traders continue to monitor developments closely, as any disruption to oil exports from the region could tighten global supply and keep upward pressure on crude prices.
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