Oil climbs as Iran allows limited Hormuz transit amid war-time deal hopes

Oil prices surged as Iran permitted a small number of ships to transit the Strait of Hormuz amid ongoing conflict, while Tehran discouraged talks and warned the strait would stay open only for vessels it clears. Trump claimed regime change and voiced optimism for a deal, even as direct talks remained unconfirmed; the war widened with Yemen’s Houthis threatening Bab el-Mandeb, adding to supply-chain fears. Markets reacted with Brent around $115–$116 a barrel and WTI near $102, signaling heightened volatility as global energy routes remain under pressure.