Oil tanker activity and diplomatic talks amid US-Iran conflict

US President Donald Trump stated on Truth Social that a large number of empty oil tankers are heading to the United States to load oil and natural gas. This announcement coincides with peace talks between US and Iranian officials in Islamabad, Pakistan, aimed at ending the conflict that began on February 28. Since the start of the hostilities, the Strait of Hormuz has been largely closed to navigation, leading to a spike in global crude prices. On Friday, US WTI crude reached $96.57 per barrel, surpassing the Brent benchmark price of $95.20. Trump previously warned Iran against imposing fees on tankers traversing the Strait. While some analysts like Jake Dollarhide note that they cannot verify the specific tanker movements reported by the President, they acknowledge that the ongoing closure of the Strait of Hormuz is increasing global demand for US energy resources. Trump also claimed that the US possesses larger oil reserves than the next two largest oil-producing economies combined.