Brent crude rose above $89 per barrel on Wednesday, extending gains for a sixth consecutive session as investors assessed conflicting signals over a possible US-Iran agreement. President Donald Trump asserted that the US had “total control over the Strait of Hormuz,” even as negotiations over the vital waterway remained stalled. His increasingly confrontational tone further clouded the outlook for any near-term deal to fully reopen this key shipping corridor.
At the same time, Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” on the Strait of Hormuz, and reports suggested that talks between Iran and Oman have reached an advanced stage. Separately, industry data showed that US crude inventories climbed by 9.1 million barrels last week, the largest weekly increase since February.
