Uncertain outlook for Hormuz drives oil prices higher for the fourth consecutive day

1. Oil prices rose slightly in early trading on Wednesday, with Brent crude futures up 0.6% to $91.83 per barrel and WTI crude September futures up 0.6% to $85.84 per barrel. Both contracts closed at their highest point since July 24 on Tuesday, influenced by the fading hopes for peace between the US and Iran.2. US President Trump stated that the US is not currently in any negotiations with Iran and insisted that navigation through the Strait of Hormuz has resumed. This contradicts Iran's claim that the waterway remains closed to shipping. The temporary ceasefire agreement expired on Monday, and a senior Iranian official said Iran is shifting to a "full offensive" military posture, but no new attacks were reported by either side on Tuesday.3. To avoid the Strait of Hormuz, Iraq's cabinet has approved mechanisms to export crude oil through multiple export channels via dedicated international and domestic companies. The new contracts will take effect from September 1, lasting for three months.4. Meanwhile, two shipping giants from Asian countries have stopped sending oil tankers through the Strait of Hormuz and the Bab-el-Mandeb, instead loading crude oil outside the Persian Gulf.5. API data shows that US crude oil and distillate inventories declined last week, while gasoline inventories increased.