Brent Crude Oil Hold Near $89

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, industry data showed US crude inventories increased by 9.1 million barrels last week, marking their biggest weekly rise since February.

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.

Brent strengthened above $89 per barrel on Wednesday, rising for the sixth consecutive sessions as investors assessed mixed signals surrounding a potential deal between the US and Iran. 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 entered an advanced stage. However, the positive developments followed a tougher stance from President Donald Trump this week, who said Tehran should pay reparations for those killed in attacks linked to the Islamic Republic. His remarks came in response to a series of demands issued by Iran over the weekend, including war compensation for the US and Israeli military operation in the country. Meanwhile, industry data showed US crude inventories rose by 9.1 million barrels last week, marking their largest increase since February.