Brent Crude Oil Volatility as US-Iran Talks Stall

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' in a statement that raised further doubts about an immediate agreement to reopen the critical shipping route.

Pakistan's defense minister stated that Washington and Tehran are 'close to some sort of arrangement' regarding the Strait of Hormuz, while reports suggested talks between Iran and Oman have reached an advanced stage.

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