FX.co ★ Brent Rises for 4th Session

Brent crude rose toward $92 per barrel on Wednesday, advancing for a fourth straight session as the US and Iran showed little sign of reaching a deal to end the conflict or fully reopen the Strait of Hormuz, keeping supply risks elevated. President Donald Trump said there were no ongoing negotiations with Tehran and confirmed that the US naval blockade remains in place. Shipping risks in the Strait persist despite Trump’s assertion that the waterway is open and mines have been cleared, with only limited traffic currently passing through the strategic chokepoint. Iranian forces have stepped up hostilities over the past week, and there have already been eight reported attacks this month on vessels transiting Hormuz, including ships linked to the UAE and Saudi Arabia. In the US, industry data showed crude inventories declined by 328,000 barrels last week, partially offsetting a 9.07 million-barrel build in the prior week.