Crude futures extend gains after Trump says "no talks" with Iran

International oil prices edged higher on Tuesday after U.S. President Donald Trump ruled out any ongoing or future talks with Iran, while Tehran maintained that the Strait of Hormuz would remain closed, fueling concerns over global oil supplies.

The West Texas Intermediate for September delivery went up 44 cents, or 0.52 percent, to settle at 84.94 U.S. dollars a barrel on the New York Mercantile Exchange.

Brent crude for October delivery gained 15 cents, or 0.17 percent, to settle at 91.02 dollars a barrel on the London ICE Futures Exchange.

The United Arab Emirates (UAE) said early Wednesday that it has suspended all trade, commercial exchanges and financial transactions with Iran following the detection of two ballistic missiles launched from Iran, while Tehran rejected such claims.

In a statement posted on social media platform X, Afra Al Hameli, director of the UAE foreign ministry's strategic communications department, said the decision came in light of regional escalations that undermine regional and international peace and security.

The statement reiterated the UAE's commitment to dialogue, cooperation and regional integration as essential means of advancing peace, stability and prosperity in the region.

Earlier in the day, the UAE's Ministry of Defense said its air defense systems detected two ballistic missiles launched from Iran toward the country, adding that the missiles were targeting maritime traffic.

The ministry said that the first missile fell outside the UAE's territorial waters, while the second fell within the country's territorial waters.

So far, no casualties or damage have been reported in connection with the missiles.

Iranian Foreign Ministry spokesman Esmaeil Baghaei on early Wednesday rejected such claims.

Baghaei made the denial in a statement, saying the UAE's behavior was in contradiction with the principle of good neighborliness and disrupted ongoing efforts to promote trust among regional countries and prevent the intensification of insecurity.

He called on regional countries to refrain from making "baseless" accusations "given the existing complications owing to the continued malicious acts by the United States and Israel against peace and security in the region."