Brent Tops $89 Amid U.S.-Iran Stalemate Over Hormuz
Claim That Middle East Oil Flows Have Normalized What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Brent Crude oil prices rose above $89 per barrel in early trade in Europe on Wednesday as Iran and the United States offered contrasting claims about who controls the Strait of Hormuz.
Brent Crude priceswere up by 0.64% at $89.60 in the morning in Europe, andWTI Crudewas rising by 0.94% at $83.90, amid persistent supply concerns and risks despite claims from the U.S.
Iran, for its part, said on Tuesday that the Strait of Hormuzwill remain closedunless the United States ends the war and meets Tehran’s conditions, raising the bar for a deal that would restore more oil traffic through the key waterway.
President Donald Trumpsaidthat the United States had “total control over the Hormuz Strait,” in a claim that contrasts with Iran’s assertion that Tehran decides when and under what conditions the Strait would be closed or open.
“We own it,” President Trump told reporters at Joint Base Andrews outside Washington.
“And at some point, maybe they’ll do something, and then they get blown away,” the President said, referring to Iran.
Despite claims of talks in recent days, the U.S.
and Iran appear to be at a stalemate, according to Wendy Sherman, former U.S.
“Unless the US is ready to either allow Iran and perhaps Oman to have voluntary tolls or to give Iran so much relief from sanctions and frozen assets that it’s worth their while, I don’t think we’ll get it open for any sustainable period of time,” Sherman told Bloomberg TV.
Oil flows from the Middle East have normalized, with Sunday traffic alone above pre-conflict averages, U.S.
Secretary of Energy Chris Wrightsaidon Tuesday in a claim that appears not to be backed by ship-tracking data.
Traffic at the Strait of Hormuzhas declinedthis week amid heightened security concerns and uncertainties about any U.S.-Iran talks.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment