Oil prices climbed on Wednesday, with Brent crude surpassing $96 per barrel, after US President Donald Trump claimed Washington had "almost total control" of the Strait of Hormuz. West Texas Intermediate (WTI) crude rose to $91.46 per barrel.

In a post on Truth Social, Trump wrote: "I’m not trying to force Iran to the bargaining table, as ABC Fake News reported. I couldn’t care less if they sign a worthless, to them, agreement. I like our position now much better, with almost total control of the Hormuz Strait,and their economy totally collapsing. They are just playing out the inevitable. When are the Iranian people going to rise up and fight? President DJT."

Trump's remarks came as oil prices rose for the third consecutive session, with traders concerned about potential disruption to crude supplies via the strategic waterway. The latest US military strikes followed Trump's statement that US forces acted in response to an alleged Iranian attempt to lay mines in the strait and a strike on a US base.

US Central Command said in a post on X: "The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait ​of Hormuz and against American service members deployed to the region," referring to Iran's Islamic Revolutionary Guard Corps (IRGC).

The IRGC said that the US attacks would further restrict traffic through the waterway, which carried around 20% of global oil consumed before the conflict. Iran has effectively closed the strait to commercial shipping since the war began.

Iran has responded to US strikes by targeting US allies. Iran's armed forces said it was targeted by a missile attack originating from Iranian territory. The Jordanian military said its air defences intercepted 10 out of 13 ballistic missiles that entered its airspace. The UAE also said it intercepted an Iranian drone over its territorial waters.

According to Reuters, two US officials said no American casualties had been reported so far from the attacks.

Trump threatened to hit Iran hard and claimed the US was helping around 30 ships pass through the Strait of Hormuz every night. His comments came after the US bombed Iran's Larak Island and Iran launched retaliatory strikes targeting US military bases and assets in Jordan and the United Arab Emirates.