US-Iran Tensions Send Brent Crude Prices into Volatility Loop
Brent crude oil prices held steady around $89 per barrel on Wednesday as investors grappled with conflicting signals about an agreement between the US and Iran. President Donald Trump said the US has 'total control over the Strait of Hormuz', raising further doubts about a potential deal to reopen the key shipping route.
Pakistan's defense minister suggested that Washington and Tehran are close to some sort of arrangement regarding the Strait, while reports indicated that talks between Iran and Oman have reached an advanced stage. This comes as US crude inventories increased by 9.1 million barrels last week, marking their biggest weekly rise since February.
The rising tension surrounding the Strait has weighed heavily on oil prices in recent weeks. With conflicting signals coming from both sides, investors remain cautious about a potential agreement and its impact on the global energy market.