Brent weakened below $89 per barrel on Thursday, pausing after a six-day advance as investors assessed the prospects of any deal to reopen the Strait of Hormuz. President Donald Trump said the US had “total control” over the waterway amid escalating rhetoric between Washington and Tehran, with negotiations remaining deadlocked. The Trump administration is also moving toward imposing greater economic pressure on Iran as the US military campaign has so far failed to force the regime to capitulate. The measures include expanding economic sanctions and enforcing a naval blockade aimed at curbing Iranian oil exports. Meanwhile, the IEA’s monthly report indicated that the global oil market faces a shortfall of 1.8 million barrels a day this quarter as the conflict in the Middle East continues. Elsewhere, EIA data showed US crude inventories rose by 17.4 million barrels last week, marking their largest weekly increase since early 2023.

Brent crude oil remained volatile on Wednesday, fluctuating around $89 per barrel, as investors weighed conflicting signals surrounding a potential agreement between the US and Iran. President Donald Trump said the US had “total control over the Strait of Hormuz” as negotiations over the key waterway remain deadlocked. The increasingly confrontational rhetoric raised further doubts about the prospects of an immediate agreement to reopen the critical shipping route. Meanwhile, Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” regarding the Strait of Hormuz, while reports indicated that talks between Iran and Oman have reached an advanced stage. Elsewhere, EIA data showed US crude inventories increased by 17.4 million barrels last week, marking their biggest weekly rise since early 2023.

Brent crude strengthened above $89 per barrel on Wednesday, advancing for a sixth straight session as investors weighed conflicting signals surrounding a potential agreement between the US and Iran. President Donald Trump said the US had “total control over the Strait of Hormuz” as negotiations over the key waterway remain deadlocked. The increasingly confrontational rhetoric raised further doubts about the prospects of an immediate agreement to reopen the critical shipping route. Meanwhile, Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” regarding the Strait of Hormuz, while reports indicated that talks between Iran and Oman have reached an advanced stage. Elsewhere, industry data showed US crude inventories increased by 9.1 million barrels last week, marking their biggest weekly rise since February.