Oil prices climbed on Thursday as traders priced in a possible de‑escalation in the Strait of Hormuz, though no concrete breakthrough has emerged after seven weeks of talks. President Trump told Fox News the United States is “close to a very good deal,” while also hinting at a return to force if needed. Barclays analyst Amarpreet Singh noted markets remain impatient.

Front‑month contracts reflected the optimism. WTI crude rose 2.1% to $89.20 a barrel, while Brent gained 1.7% to $92.66. The gains came despite lingering uncertainty over whether shipping lanes will fully reopen, a factor that has historically driven volatility in global fuel markets. Investors watch the negotiations closely, as any delay could tighten supply and spur further price spikes.

Barclays’ note warned that the “potential deal remains elusive,” suggesting price swings could persist until a definitive resolution materialises. Energy firms with exposure to Middle‑East transport routes may see earnings pressure if the bottleneck continues. For now, the market’s forward‑looking bets keep oil near a three‑month high, underscoring how geopolitics still dominate pricing. Analysts also flag rising inventory builds in Cushing as a counterbalance.