Global oil prices climbed sharply before retreating after Iran said the Strait of Hormuz would remain closed until the United States accepted Tehran’s conditions for ending the conflict.
Brent crude briefly touched $90 a barrel before settling below that level, while West Texas Intermediate also recorded gains.
The prolonged disruption has renewed concern about global energy supplies because the Strait of Hormuz was a major transit route for crude oil and liquefied natural gas before the conflict.
Iranian official Mohsen Rezaei said reopening the waterway would depend on wider political and security conditions, including an end to the war and the release of Iranian assets.
His position appeared to weaken recent optimism that mediation efforts involving regional countries could produce an agreement to restore normal shipping.
The United States has also maintained demands of its own as President Donald Trump alternates between warnings of further military action and suggestions that negotiations remain possible.
The conflict has increased risks to commercial shipping across the Gulf and neighbouring waterways.
Separate reports also described heightened security precautions around Trump’s international travel following concerns about possible Iranian threats.
The continuing confrontation has left global oil and shipping markets sensitive to any indication of escalation or diplomatic progress.
