Brent Crude Nears $90 as Hormuz Uncertainty Persists

Oil prices surged on Thursday, with Brent crude rising to near $90 a barrel, as markets remained uncertain about a potential ceasefire in the Strait of Hormuz. The price of Brent crude has climbed around 12% over the past five sessions, bringing its gains since the start of the year to about 50%. The sharp rally reflects growing sensitivity to developments surrounding efforts to reopen the strategic waterway.

Uncertainty intensified after U.S. President Donald Trump said late Tuesday that the United States had 'full control' of the Strait of Hormuz and that he did not trust Iran. This conflicting signal has made markets increasingly reluctant to assume that any diplomatic breakthrough would immediately translate into a full restoration of oil and gas shipments through the strait.

Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia, said the continued rise in crude prices indicates that markets remain skeptical about the prospects for a near-term deal capable of restoring oil flows through Hormuz. The threat is particularly significant because the Strait of Hormuz is a critical artery for global energy trade.