Brent crude oil prices passed $115 per barrel on Wednesday as crude oil has swung sharply amid continued uncertainty over the war in the Middle East.
President Donald Trump urged Iran on social media to agree to a nuclear deal. Despite this, reports suggest the President told advisers he was not satisfied with Iran's latest proposal to reopen the Strait of Hormuz.
The latest move higher in oil prices comes amid reports that the United States will look to extend its blockade of Iranian ports.