Crude oil futures settled higher in after-hours trading on Thursday as markets shift focus to stalled diplomatic efforts to end the US-Iran conflict and ease restrictions on energy flows through the Strait of Hormuz.
Front-month West Texas Intermediate crude advanced 1.6% to $83.54 per barrel, while Brent futures climbed 1.8% to $89.39/bbl.
US commercial crude oil inventories increased by 100,000 barrels to 428.9 mmbbls in the week ended Aug. 21, the Energy Information Administration said in its weekly report released Wednesday.
Crude inventories are 1% above the five-year average for this time of year, the EIA said.
The build is below Investing.com's estimate of 1.6 mmbbl for the week ended Aug. 21.
Gelber & Associates strategists said that October WTI trades near $82.30/bbl, up $0.07 and essentially unchanged, as traders weigh tentative progress toward reopening the Hormuz against the risk that negotiations fail to restore normal shipping.
President Trump said on Thursday that he is not interested in returning to the negotiating table with Iran.
"We don't want to speak to them. We're not looking to meet or anything," Trump told reporters at the Oval Office, noting that the US was focused on punishing Iran economically and would penalize countries that do business with Tehran.
White House Press Secretary also said that no negotiations are happening between the US and Iran, but all options remain on the table.
White House Press Secretary Karoline Leavitt, in an interview with Fox News, said no negotiations are currently underway between the US and Iran. She noted that the situation was unlikely to change "until the president feels that maybe they come to the table in a meaningful way," and that this was yet to be seen.
Meanwhile, Qatari Foreign Minister Mohammed bin Abdulrahman Al Thani met with his Iranian counterpart on Thursday to discuss the proposed interim framework, which includes establishing a temporary route through the strait.
Al Thani's visit follows the visits by Omani and Pakistani officials as mediators step up efforts to revive stalled talks, amid a month-long pause in direct US military strikes on Iran.
Saxo Bank strategists said President Trump said 10 million barrels moved through the strategic waterway on Tuesday, while reiterating that the mines have been cleared.
However, US allies are privately warning that the strait is still likely mined, casting doubt on Trump's claim that the US Navy has completely removed and detonated explosives laid by Iran.
The US Central Command posted on X on Thursday that it had redirected 75 commercial vessels, disabled three and boarded two to ensure compliance with its naval blockade.