The Hormuz standoff continues, oil prices rise for the fourth consecutive day

1. International oil prices continued their upward trend on Wednesday. Brent crude futures rose 0.59% to $91.56 per barrel, while WTI crude September futures climbed 0.5% to $85.42 per barrel. Previously, hopes for peace between the US and Iran gradually diminished, and both contracts closed on Tuesday at their highest points since July 24. 2. US President Trump stated that the United States is currently not engaged in any negotiations with Iran and insisted that the Strait of Hormuz has resumed maritime passage, which contradicts Iran's claims that the waterway remains closed to shipping. The temporary ceasefire agreement expired on Monday, and a senior Iranian official indicated that Iran is shifting toward a "full offensive" military posture; however, no new attacks were reported by either side on Tuesday.3. Shipping data shows that due to a lack of clear signals regarding the reopening of the strait, only six cargo vessels passed through the Strait of Hormuz on Tuesday, down from nine the previous day. Analysts pointed out that attacks by Iran and Houthi forces in two key choke points remain prevalent, which will continue to support oil prices in the short term.4. To avoid the Strait of Hormuz, the Iraqi cabinet has approved the export of crude oil through various outlets by specialized international and domestic companies. The new contracts will take effect on September 1 and last for three months. Market observers believe that Gulf oil-producing countries are searching for alternative export routes, and if this model can be sustained, it will help boost idle production.5. API data shows that US crude and distillate inventories decreased last week, while gasoline inventories increased. The official data from the US Energy Information Administration will be released later today. Analysts noted that oil price bottoms are relatively firm, but there is limited confidence in chasing the gains; any signs of a new round of negotiations could prompt traders to turn cautious.