By Tsvetana Paraskova - Aug 12, 2026, 4:30 AM CDT
Brent crude climbed above $89 per barrel as traders continued to price in disruption risks around the Strait of Hormuz.
Iran says Hormuz will remain closed unless Washington meets its conditions, while President Trump says the United States has “total control” of the waterway.
US officials say regional oil flows have normalized, but depressed vessel traffic and continuing security risks leave that claim open to challenge.
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 prices were up by 0.64% at $89.60 in the morning in Europe, and WTI Crude was rising by 0.94% at $83.90, amid persistent supply concerns and risks despite claims from the U.S. that traffic at Hormuz had normalized.Iran, for its part, said on Tuesday that the Strait of Hormuz will remain closed unless 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.Later on Tuesday, U.S. President Donald Trump said that 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. deputy secretary of state.“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 Wright said on Tuesday in a claim that appears not to be backed by ship-tracking data.Traffic at the Strait of Hormuz has declined this week amid heightened security concerns and uncertainties about any U.S.-Iran talks.By Tsvetana Paraskova for Oilprice.comMore Top Reads From Oilprice.comDrone Attack Hits Power Plant at Key Libyan Oil HubHormuz Traffic Sinks to Six Vessels Monday as Iran Talks Stall AgainOPEC Output Climbs Again, But Still Trails Quota Targets
