WTI Oil Price Holds Firm Amid Strait of Hormuz Tensions

The West Texas Intermediate (WTI) oil price has held firm on Tuesday, despite conflicting claims from the US and Iran about the Strait of Hormuz.

US President Donald Trump said in a Truth Social post that 'there are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran,' adding that the US naval blockade 'remains in full force and effect.'

However, Iranian officials have disputed this claim, stating that the waterway will remain closed until the United States meets the conditions of the interim agreement.

The Strait of Hormuz remains a major concern for oil prices, with its closure potentially disrupting global supply. The WTI price has hovered near $84.47 per barrel, its highest level in over two weeks.