All articles tagged with #oilprice
US President Donald Trump claimed the US Navy has removed or detonated all mines in the Strait of Hormuz and warned Iran against placing new ones, a statement framed by ongoing tensions and sanctions that have caused fluctuations in oil prices.
Brent crude rose above $89 a barrel in European trading as the U.S. and Iran issued competing claims over control of the Strait of Hormuz, underscoring ongoing supply concerns despite Washington’s assertions that traffic had normalized. Iran warned the strait could remain closed unless sanctions relief is granted, while President Trump claimed the U.S. has total control over Hormuz, signaling a continued stalemate that could keep oil markets volatile.
Three more foreign vessels were struck in the Gulf near the Strait of Hormuz — a container ship north of Jebel Ali and two oil tankers near Umm Qasr — with at least one dead and 38 rescued, as shipping through the strait slows to a near halt; Iran warned oil could reach $200 per barrel, and oil prices rose with Brent around $97 and WTI near $92 as markets weigh supply risks and the IEA plans a 400-million-barrel release.