Oil continues to rise for the fourth day amid uncertainty over navigation in the Strait of Hormuz

Oil prices rose slightly in early trading on Wednesday, posting gains for a fourth consecutive session amid uncertainty over supplies, as investors weighed conflicting messages from Tehran and Washington regarding navigation in the Strait of Hormuz.

Brent crude futures rose 26 cents, or 0.29 percent, to $91.28 per barrel by 00:04 GMT, while U.S. West Texas Intermediate crude futures rose 37 cents to $85.31 per barrel.

Both benchmarks had risen at Tuesday’s close to their highest levels since July 24, as hopes for an end to the war between the United States and Iran faded.

U.S. President Donald Trump said on Tuesday that Washington was not holding any talks with Iran, insisting that the Strait of Hormuz remained open to navigation. His remarks contradicted a previous Iranian assertion that the strait was still closed to maritime traffic.

Three executives, oil tanker tracking firms, and a broker reported that two major Chinese shipping companies had halted sending oil tankers through the Strait of Hormuz and the Bab al-Mandab Strait due to the conflict in the Middle East, and had instead begun loading oil shipments away from the Gulf.

In the United States, market sources on Tuesday cited data from the American Petroleum Institute showing that crude oil and distillate inventories fell last week, while gasoline stocks rose.