According to CoinMeta, oil prices have risen for the fourth consecutive day against the backdrop of ongoing conflicts in the Strait of Hormuz. The market is still assessing whether the Strait of Hormuz remains navigable, which has led to a risk premium being embedded in the prices. Iraq is diversifying its export routes, and there are reports that major Chinese shipping companies have completely avoided using the Strait of Hormuz and the Bab el-Mandeb Strait, indicating that the market is adjusting in response to these uncertainties. Brent crude oil prices have risen to around $91 per barrel, and US WTI crude oil prices have also risen to around $85, both continuing to climb after the close of trading on Tuesday.