Key facts
- Oil prices surged as Donald Trump declared the Strait of Hormuz as US territory.
- Brent crude climbed towards $92 per barrel.
- Trump stated the waterway is open and mines have been cleared.
- Concerns remain high due to ongoing hostilities and limited traffic through the strait.
- Eight attacks on vessels transiting Hormuz have been reported this month.
- US crude inventories fell by 328,000 barrels last week.
Oil prices have surged for a fourth consecutive session following Donald Trump's declaration of the Strait of Hormuz as US territory. Brent crude, the international benchmark, was climbing towards $92 per barrel amid indications that the vital shipping route would remain under pressure due to supply concerns. Trump shared a map of the Middle East on Truth Social, designating the waterway as "NEW US territory" and stating that the "Naval Blockade remains in full force and effect" but that the "Hormuz Strait is open and operating" with mines cleared.