Oil prices snapped a three-day decline on Thursday after U.S. President Donald Trump signaled there would be no renewed dialogue with Iran, according to Ship & Bunker. The shift in market sentiment came as investors reassessed hopes tied to a reported Iran/Oman proposal aimed at managing access to the Strait of Hormuz.
When asked by reporters about the possibility of talks with Tehran, Trump said, “We don’t want to speak to them; we’re not looking to meet or anything,” as reported by Ship & Bunker. He also reaffirmed his intention to impose what he described as the “toughest sanctions in history” on Iran.
Following the comments, Brent crude settled up $1.86 at $89.70 per barrel, while West Texas Intermediate rose $1.30 to settle at $83.53 per barrel, Ship & Bunker reported.
Analysts Point to Prolonged Uncertainty
Priyanka Sachdeva, head of market insights at Phillip Nova, told Ship & Bunker that the dispute remains centered on Iran’s nuclear programme, which she said “is unlikely to be resolved quickly.” She added that Iran is aware of the strategic value of its position near the Strait of Hormuz, and that “the risk of prolonged uncertainty remains.”
Mixed Signals Over Strait of Hormuz Access
Ship & Bunker also reported that the Iran/Oman proposal to reopen the Strait reportedly includes a provision barring U.S. military vessels from the area, though the mechanism for enforcing such a measure was not disclosed.
Responding to the proposal, CENTCOM spokesperson Capt. Tim Hawkins said, “Iran does not control the Strait of Hormuz; the strait is an international waterway that commercial vessels continue to transit with U.S. military assistance,” according to Ship & Bunker. Hawkins noted that U.S. forces have assisted nearly 1,500 vessels in transiting the strait since early May.
Venezuela Talks Add to Oil Market Developments
In separate developments cited by Ship & Bunker, Axios reported that unnamed senior U.S. officials confirmed active discussions with Venezuela’s interim government regarding a direct U.S. ownership stake in major oil fields. The talks reportedly involve equity in high-yield fields holding approximately 90 billion barrels of proven crude reserves, a deal that could substantially expand U.S.-controlled global oil reserves.
Does This Matter to You?
Developments around the Strait of Hormuz carry direct relevance for vessel operators, charterers, and bunker traders monitoring transit risk and fuel price volatility in the region. Continued uncertainty over access to the strait, combined with diplomatic tension between the U.S. and Iran, may influence freight routing decisions and bunker cost planning. CENTCOM’s confirmation of ongoing military-assisted transits indicates that commercial shipping through the strait continues, though the broader geopolitical situation remains unresolved, according to the source material.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
