Oil fluctuates as US-Iran talks and Hormuz blockade weigh

Brent crude rose toward 96 dollars a barrel after falling 4.6 percent on Tuesday, while West Texas Intermediate traded near 92 dollars, News.Az reports, citing Bloomberg.

President Donald Trump said talks could resume “over the next two days,” according to a report by the New York Post. He also suggested the war was “very close to over,” as stated by Fox Business anchor Maria Bartiromo.

The US is continuing its blockade of the Strait of Hormuz in an effort to curb Iranian oil exports. Admiral Brad Cooper, commander of US Central Command, praised the operation, stating on X that “US forces have completely halted trade going into and out of Iran by sea.” In a later social media post, Trump described the situation as a “chokehold,” adding that Iran could soon run out of oil storage capacity.

Iran, meanwhile, is reportedly considering temporarily suspending shipments through the waterway to avoid further confrontation with the US blockade, according to a person familiar with the matter. Since the conflict began, Iran has restricted most shipping through the strategic route, which connects the Persian Gulf to global markets.

The global oil market has been significantly disrupted by the conflict, which has triggered an unprecedented supply shock. Rising prices for physical crude and refined products such as gasoline are putting pressure on consumers and weakening demand, with the International Energy Agency forecasting a decline in consumption this year.

The ongoing tensions continue to reshape global energy flows, as both geopolitical risk and supply constraints weigh heavily on market sentiment.