Oil prices continued to rise on Wednesday morning as investors assessed the situation in the Middle East.

September futures for Brent crude on the London-based ICE Futures exchange were trading at $85.53 per barrel, up $0.8 (0.94%) from the previous session's close. On Tuesday, they gained $1.43 (1.7%) to $84.73 per barrel.

August WTI crude futures in electronic trading on the New York Mercantile Exchange (NYMEX) rose by $0.52 (0.66%) to $79.86 per barrel. At the end of the previous session, their price increased by $1.2 (1.5%) to $79.34 per barrel.

Brent quotations are at their highest since June 12, and WTI since June 15, following statements by U.S. President Donald Trump about resuming the naval blockade of Iran. The U.S. Central Command (CENTCOM) said the military would begin blocking Iranian ports at 23:00 Moscow time on Tuesday.