According to CoinMeta, U.S. oil prices soared on Tuesday, with West Texas Intermediate (WTI) crude oil futures rising 2.7% to reach $84.36 per barrel, the highest level of the month. International benchmark Brent crude oil also increased by 2.53% to $89.94 per barrel. On Monday, the Trump administration extended the suspension of shipping regulations between U.S. ports, while narrowing the exemption to vessels transporting certain energy resources only. This move was made after data showed that U.S. crude oil inventories had dropped to their lowest level in over four decades. Traders are assessing the latest contradictory statements from Washington and Tehran, with Trump claiming the United States has “100%” control over the Strait of Hormuz. A new deadlock has arisen over the payment of compensation, with both sides demanding indemnity. Analysts noted in a report on Tuesday: “The oil market is still driven by headlines, which makes prices volatile. The latest optimism is quickly fading.”