Brent crude extended its gains for a sixth straight session on Wednesday, moving closer to $90 a barrel as investors weighed conflicting signals over efforts to reopen the Strait of Hormuz, a key route for global oil shipments.
Brent was trading at around $89.37 a barrel, up 0.52% from Tuesday, according to market data. The benchmark has gained about 7.3% over the past month and is up more than 36% from a year ago, reflecting the sharp change in oil-market conditions over the period.
Much of the latest movement has centred on the Strait of Hormuz, where negotiations involving the United States and Iran have yet to produce a clear path towards restoring normal shipping. President Donald Trump said the United States had “total control” of the waterway, a statement that added to concerns that an immediate agreement could remain difficult.
The diplomatic picture, however, remains unsettled rather than completely closed.
Pakistan’s Defence Minister said Washington and Tehran were “close to some sort of arrangement” over the strait, while talks between Iran and Oman were also reported to have reached an advanced stage. The conflicting signals have left traders trying to assess whether a reopening is close or whether restrictions on one of the world’s most important oil-shipping routes could persist.
That uncertainty has become particularly important for the oil market because the Strait of Hormuz is a major artery for crude and petroleum-product shipments from the Middle East. Any prolonged disruption can tighten available supply and push prices higher as traders price in the risk of further delays.
The market is receiving a different signal from the United States, where crude inventories increased sharply last week. Industry data showed U.S. crude stocks rose by 9.1 million barrels, the biggest weekly increase since February.
Normally, a build of that size would weigh on prices because it suggests more crude is available in the market. Instead, Brent continued to rise, highlighting how strongly geopolitical and shipping concerns are currently influencing prices.
The next indication of the U.S. supply picture will come from the Energy Information Administration’s weekly inventory report, which was due later on Wednesday.
For now, traders are caught between the possibility of a diplomatic breakthrough that could restore oil flows through Hormuz and the risk that negotiations fail to resolve the standoff. That uncertainty has helped keep Brent on an upward path even as signs of rising U.S. crude supplies point in the opposite direction.
The move is also becoming increasingly relevant for oil-importing economies such as Ghana. Mineral fuels and oils accounted for 25.7% of Ghana’s total imports in 2025, making international crude prices an important factor in the country’s import bill.
With Brent now approaching $90 a barrel, developments around Hormuz could therefore have implications beyond the oil market, particularly for countries already spending heavily on imported petroleum products.
