Oil Rises for Fourth Straight Session as Trump Warns of More Strikes on Iran

Oil rose for a fourth straight session after President Donald Trump ruled out the prospect of near-term talks with Iran and warned of additional strikes.

West Texas Intermediate approached $85 a barrel on July 21, Bloomberg reported. Brent settled near $91 a barrel in the previous session.

Trump said Iran "desperately wants to meet" but that the US has no interest in negotiations. Iran denied the US claim that it wants talks.

He also warned of a response if Iran-backed Houthi militants in Yemen disrupt shipping in the Red Sea. Trump again raised the possibility of an attack on Pickaxe Mountain, a site suspected of housing Iranian nuclear facilities.

Concerns over Middle East oil supplies have persisted as tensions between the US and Iran escalated. Three tankers were recently attacked in waters off Oman near the Strait of Hormuz. Merchant traffic through the narrow waterway near Iran has fallen to the lowest level in three weeks.

Tensions around the Red Sea are also building. As Houthi militants threatened Saudi maritime shipping, some tankers halted operations after approaching waters off Yemen. Some vessels carrying Saudi crude also changed course toward the Suez Canal.

Supply risks are spreading beyond the Middle East. The Caspian Pipeline Consortium terminal on Russia's Black Sea coast, which handles most exports of Kazakh crude, has also been hit by repeated attacks.

Oil will likely trade in an $80-to-$90 range depending on the news flow, Jay Hatfield, chief executive officer of Infrastructure Capital Management, said. Prices could climb above $100 if the Red Sea is effectively shut down.