U.S. Oil Tops $84 as Hormuz Deadlock Pushes Prices Higher
Oil prices surged on Tuesday as hopes for a full reopening of the Strait of Hormuz continued to fade amid a deepening deadlock between the United States and Iran. The renewed uncertainty has pushed geopolitical risk back to the forefront of the energy market.
U.S. West Texas Intermediate (WTI) futures climbed around 2.7% to $84.36 per barrel, their highest level this month. Brent crude also advanced about 2.53% to $89.94 per barrel, as traders rebuilt risk premiums after optimism over a potential U.S.-Iran agreement began to weaken.
The Trump administration had earlier extended a suspension of shipping rules that restrict the transport of goods between U.S. ports to American vessels, while narrowing the waiver to ships carrying selected energy products. The move is part of Washington’s effort to support fuel flows after U.S. crude inventories reportedly fell to their lowest level in more than four decades.
Meanwhile, fresh statements from Washington and Tehran suggest negotiations remain far from a breakthrough. President Donald Trump claimed the U.S. has full control of the Strait of Hormuz, while reparations have emerged as a new sticking point, with both sides demanding compensation for alleged damages. As a result, oil prices remain highly sensitive to geopolitical headlines, with upside risks likely to persist as long as a Hormuz agreement remains out of reach.(mrv)
Source : Newsmaker.id
