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Brent crude oil remained volatile on Wednesday, fluctuating around $89 per barrel, as investors weighed conflicting signals surrounding a potential agreement between the US and Iran. President Donald Trump said the US had “total control over the Strait of Hormuz” as negotiations over the key waterway remain deadlocked. The increasingly confrontational rhetoric raised further doubts about the prospects of an immediate agreement to reopen the critical shipping route. Meanwhile, Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” regarding the Strait of Hormuz, while reports indicated that talks between Iran and Oman have reached an advanced stage. Elsewhere, industry data showed US crude inventories increased by 9.1 million barrels last week, marking their biggest weekly rise since February.

Brent Crude Oil Hold Near $89

Crude oil remained volatile on Wednesday, fluctuating around $83 per barrel, as investors weighed conflicting signals surrounding a potential agreement between the US and Iran. President Donald Trump said the US had “total control over the Strait of Hormuz” as negotiations over the key waterway remain deadlocked. The increasingly confrontational rhetoric raised further doubts about the prospects of an immediate agreement to reopen the critical shipping route. Meanwhile, Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” regarding the Strait of Hormuz, while reports indicated that talks between Iran and Oman have reached an advanced stage. Elsewhere, industry data showed US crude inventories increased by 9.1 million barrels last week, marking their biggest weekly rise since February.

Oil Prices Swing on Hormuz Uncertainty

The Bank of Namibia kept its benchmark repo rate unchanged at 6.75% during its August 2026 meeting, following a 25 bps rate hike in June. Policymakers said the policy stance was appropriate to support international reserves and maintain the one-to-one peg between the Namibian dollar and the South African rand. The Committee noted domestic inflationary pressures have remained elevated since the preceding meeting. Annual headline inflation rose to 4.4% in June 2026 from 4.1% in May, primarily driven by higher transport prices. Inflation is forecast to rise to 4.0% in 2026 from 3.5% in 2025, before easing to 3.9% in 2027, with the latter forecast revised up by 0.3 percentage point amid prolonged Middle East tensions.

Namibia Leaves Key Policy Rate Steady at 6.75%

Steel rebar futures in China rose above CNY 3,000 per tonne, rebounding from the one-year low of CNY 2,085 on August 3rd, tracking support for other ferrous metals amid a momentary dip in iron ore supply to Chinese furnaces. More workers joined BHP's Port Hedland strike in iron ore operations. The suspension in operations on the world's largest iron ore export hub added to threats on Sino-Australian trade amid rifts with China's state-backed commodity buying authority. Still, sluggish demand maintained steel prices down year-to-date. The latest data extended the trend China's property crisis, indicating that demand for rebar will remain week for major sector. The official construction PMI fell to a record low of 47 in July, and construction starts sank by 23.4% in June annually. Export options for mills were also limited due to protectionist policies by foreign governments against ample Chines capacity. Steel and iron product exports from China fell 4.4% in volume in the year to July.

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