India, Aug. 19 -- Extending the three previous sessions of gains, crude oil prices have soared on Wednesday with expectations for a diplomatic breakthrough in the ongoing U.S.-Iran crisis fading while the closure of Strait of Hormuz continues, intensifying supply disruption concerns for a protracted period.
WTI Crude Oil for September month delivery was last seen trading up by $1.18 (or 1.39%) at $86.12 per barrel.
The Memorandum of Understanding signed between the U.S. and Iran on June 17 expired on Monday. The MoU offered a 60-day truce for both the nations to explore peaceful measures to end their mutual hostilities.
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