Oil prices rose slightly in Asian trade on Tuesday, remaining close to recent peaks as the U.S. and Iran remained at odds over the Strait of Hormuz and made little headway towards a peace deal.

U.S. President Donald Trump continued to assert that Washington controlled Hormuz, while also threatening to bomb Oman amid ongoing talks between the country and Iran over Hormuz.

Brent oil futures rose 0.3% to $91.09 a barrel, while West Texas Intermediate crude futures rose 0.4% to $84.85 a barrel by 21:06 ET (01:06 GMT).

Trump says he won’t extend Iran ceasefire, threatens to bomb Oman
Oil prices surged after Trump said the U.S. would not seek an extension in a ceasefire deal with Iran, which was signed in mid-June and expired on Monday.

He reiterated that the U.S. maintained full control of Hormuz and that talks with Iran were ongoing– claims that Iran has both denied.

Trump also threatened to “bomb the s*** out of” Oman if it “gets in the way,” although it was not immediately clear on what grounds.

Iran and Oman recently signaled they were engaged in talks over shipping routes through Hormuz, helping ease some concerns over rapidly tightening oil supplies. But they have made no announcements on a definitive agreement.

Recent shipping data showed commercial traffic through Hormuz remained at a fraction of pre-war levels, as fears of Iranian attacks dissuaded any attempted crossings.

Hormuz supplied roughly 20% of global oil supplies prior to the conflict, with its closure greatly quashing crude supplies.

Source: Investing.com

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