Brent Crude Surpasses $91 Amid Stalled US-Iran Talks

The price of Brent crude oil saw a modest increase, closing at $91.02 per barrel for October delivery on the London futures market. This uptick is linked to the perceived stagnation in peace negotiations between the United States and Iran.

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There are no ongoing or scheduled talks with Iran.

U.S. President Donald Trump fueled market uncertainty by stating on his social media platform, Truth Social, that there were no "ongoing or scheduled" talks with Iran. He also reiterated that the naval blockade remained in effect and the Strait of Hormuz was open and operational, with all naval mines cleared or detonated.

Trump further asserted that the Strait of Hormuz, a critical chokepoint through which approximately 20% of global crude oil passes, should become U.S. territory. He posted an image on his social media depicting a map of the strait, highlighting it with the label "NEW United States territory."

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The naval blockade remains fully in effect. The Strait of Hormuz is open and operational. All naval mines have been removed or detonated.

Conversely, Iran's Parliament Speaker and chief negotiator, Mohamad Baqer Qalibaf, insisted that Iran would not reopen the Strait of Hormuz until the U.S. met its conditions. He also warned that the Islamic Republic had strengthened itself during the current truce, indicating a firm stance in the ongoing geopolitical and economic standoff.

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Iran will not reopen the Strait of Hormuz until the United States meets its conditions.