Oil prices neared $92 per barrel in early trade on Wednesday as tensions continued to flare up in the Middle East, with US President Donald Trump asserting that the US is engaged in no talks with Iran, further stoking supply worries even as he insisted that the Strait of Hormuz was open for traffic.
Brent crude futures rose 57 cents, or 0.6 per cent, to $91.59, while US West Texas Intermediate crude futures jumped 62 cents to $85.56 a barrel, extending gains. Both benchmarks gained more than 5 per cent last week after attacks on tankers operated by Abu Dhabi National Oil Company in the Strait of Hormuz and an attack on a Saudi Aramco refinery.
