Oil prices rise on fears of delayed Hormuz supply restoration following Trump's statements

Oil prices have risen on fears of further delays in restoring oil supplies through the Strait of Hormuz following statements by US President Donald Trump, Report informs, citing trading data.

The price of November futures for Brent crude on the London ICE Futures exchange stands at $107.26 per barrel, which is $2.94 (2.82%) higher than at the close of the previous session.

November futures for WTI crude in electronic trading on the New York Mercantile Exchange (NYMEX) rose in price by $1.71 (1.85%) to $94.12 per barrel.

On Saturday, Trump stated that he did not accept the Iranian de-escalation plan, which envisaged taking a number of measures over seven days.

Iran was prepared to restore transit through the Strait of Hormuz in exchange for an end to the US naval blockade.