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Brent crude rises above $89 as US and Iran clash over Hormuz

Brent was up 0.6% to $89.6 per barrel, while WTI gained 0.9% to $83.9 as supply concerns linger and Iran ties reopening to lifting war and meeting its conditions.

Reported · Written up by our desk · Energy

Brent crude moved above $89 per barrel in early European trade on Wednesday, rising 0.6% to $89.60, as tensions between Iran and the United States renewed uncertainty over control of the Strait of Hormuz. WTI crude was also higher, up 0.9% to $83.90, with the market reacting to persistent supply concerns and the risk to shipping through the key waterway. OilPrice reports that Iran and the United States delivered contrasting claims about who controls the strait. Iran said on Tuesday that the Strait of Hormuz would remain closed unless the United States ends the war and meets Tehran’s conditions, while U.S. President Donald Trump said the United States has “total control” and described it as owned by the U.S. According to Wendy Sherman, former U.S. deputy secretary of state, the two sides appear to be at a stalemate, and any opening could require either allowing voluntary tolls or providing Iran relief from sanctions and frozen assets, making it worthwhile for Iran to reopen for a sustained period.

Latest closeWTI crude $83.42 ▲1.6%|Brent $89.26 ▲1.8%

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