Global oil prices rose for a fourth consecutive day as prospects for peace between the United States and Iran appeared to weaken, heightening concerns over energy supplies. At 00:04 GMT on Wednesday, Brent crude gained 26 cents, or 0.29%, to $91.28 a barrel. US West Texas Intermediate crude rose 37 cents to trade at $85.31 per barrel.

Both crude benchmarks had reached their highest levels since July 24 at the close of trading on Tuesday. The source said diminishing prospects for US-Iran peace talks had created concern in the market about oil supply.

Investors were closely monitoring developments amid conflicting statements from Washington and Tehran concerning ship movement through the Strait of Hormuz. The report linked the continued price gains to these supply worries and the reduced likelihood of peace between the two countries.