US-Iran Talks on Hormuz Stall as Oil Eases From Highs
Efforts to reopen the Strait of Hormuz appeared deadlocked, with President Trump claiming the United States now had “100 per cent” control of the waterway while Iran insisted it would stay shut until Washington met its demands, including an end to the wars in Gaza and Lebanon. A mediator suggested the two sides were close, but other reports said hopes were fading. Oil slipped back below $89 a barrel on the flickering prospect of a deal.
The strait, through which a fifth of the world’s oil normally passes, has become the central front in the standoff, and the clashing claims left it unclear who really controls it. Tehran is demanding compensation and sweeping concessions before reopening, while Mr Trump insists the passage is already open — a gap that has kept traders on edge. Crude eased from the two-session surge that had carried Brent towards $90, as talk of possible mediation trimmed the risk premium, though the price remains elevated and volatile. Any breakdown could send it higher again. Watch whether shipping actually resumes or the talks collapse.