Welcome back to the liveblog.
Oil prices are surging higher for the fourth consecutive session after Donald Trump declared the Strait of Hormuz as US territory.
Brent crude – the international benchmark for oil prices – was climbing towards $92 as there was little indication the narrow waterway was to be reopened, keeping pressure on supply.
It comes after Trump shared a crude map of the Middle East with a large blue circle over Hormuz on Truth Social as he declared the vital shipping route as “NEW US territory”.
“The Naval Blockade remains in full force and effect”, the President said. “The Hormuz Strait is open and operating. All water mines have been removed or detonated”.
Concerns around shipping through the strait has remained high despite Trump’s claim that the waterway is open and mines have been cleared. Limited traffic has continued to pass through the strategic route while Iranian forces have intensified hostilities.
Eight attacks on vessels transiting Hormuz, including ships linked to the UAE and Saudi Arabia, have been reported so far this month. In the US, crude inventories have fallen by 328,000 barrels over last week, following an over 9m barrel increase in the previous week.
Trump confirmed earlier this week that there are “no talks or conversations going on, or scheduled” with Iran. Meanwhile his US Special Envoy Jared Kushner, who is also the President’s son-in-law, said Iran is ”not showing any interest” in a deal proposed by the Trump administration.
We’ll be bringing you all the latest analysis and updates.