Oil Prices Swing on Hormuz Uncertainty

Crude oil remained volatile on Wednesday, fluctuating around $83 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” as negotiations over the key waterway remain deadlocked.

The increasingly confrontational rhetoric raised further doubts about the prospects of an immediate agreement to reopen the critical shipping route.

Meanwhile, Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” regarding the Strait of Hormuz, while reports indicated that talks between Iran and Oman have reached an advanced stage.

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