Brent crude rises to $85.53

Oil prices continued to rise on Wednesday morning, as investors assessed the situation in the Middle East, Report informs via trading data.

September Brent crude futures on London's ICE Futures exchange rose less than 1% to $85.53 per barrel.

WTI crude futures for August in electronic trading on the New York Mercantile Exchange (NYMEX) rose 0.66% to $79.86 per barrel.

Brent prices are at their highest since June 12, while WTI is at its highest since June 15, following US President Donald Trump's announcement of a renewed naval blockade of Iran.

According to American media, the previous day, US President Donald Trump held a meeting at the White House to discuss the possibility of more extensive strikes against Iran. According to sources, the meeting focused on new plans for devastating strikes against strategic targets in Iran, in addition to strikes against Iranian targets in the Strait of Hormuz.