Crude slips below $83 as Strait of Hormuz deal doubts rise
Crude oil falls below $83 per barrel on Thursday, snapping a five-day advance as investors weigh deadlocked Strait of Hormuz talks and updated Iran pressure measures, while IEA flags a 1.8 million bpd quarterly deficit.
Crude oil fell below $83 per barrel on Thursday, snapping a five-day advance as investors assessed the prospects prospects of any deal to reopen the Strait of Hormuz.
President Donald Trump said the US had “total control” over the waterway amid escalating rhetoric between Washington and Tehran, with negotiations remaining deadlocked.
The Trump administration is also moving toward imposing greater economic pressure on Iran as the US military campaign has so far failed to force the regime to capitulate.
The measures include expanding economic sanctions and enforcing a naval blockade aimed at curbing Iranian oil exports.
Meanwhile, the IEA’s monthly report indicated that the global oil market faces a shortfall of 1.8 million barrels a day this quarter as the conflict in the Middle East continues.
Elsewhere, EIA data showed US crude inventories rose by 17.4 million barrels last week, marking their largest weekly increase since early 2023.