FX.co ★ Oil Prices Swing on Hormuz Uncertainty

Crude oil prices remained volatile on Wednesday, oscillating around $83 per barrel as investors parsed conflicting signals over a potential US–Iran agreement. President Donald Trump stated that the US had “total control over the Strait of Hormuz,” even as negotiations over the vital waterway remained at an impasse. His increasingly confrontational tone deepened uncertainty about the chances of a near-term deal to reopen this critical shipping route. At the same time, Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” concerning the Strait of Hormuz, and reports suggested that talks between Iran and Oman have reached an advanced stage. Separately, industry data showed that US crude inventories rose by 9.1 million barrels last week, the largest weekly increase since February.