US oil prices rose 1.53% to $92.54 per barrel during Thursday premarket hours after US President Donald Trump claimed in a Wednesday Truth Social post that the Strait of Hormuz is now under 'USA control' and proposed renaming the critical waterway to 'Trump Strait'.
In a separate social media post, Trump denied reports that he was forcing Iran to the bargaining table, and that he couldn't care less if they sign an agreement. He also reiterated his claim that the US has achieved 'almost total control' of the Strait of Hormuz, adding that Iran is on the verge of economic collapse.