Comments from Iranian officials appear to be sending mixed signals, but the latest remarks suggest some effort to ease concerns about a full disruption of shipping through the Strait of Hormuz.

An Iranian Foreign Ministry spokesperson said that many ships can still pass through the Strait of Hormuz if they coordinate with the Iranian Navy. The comment was viewed as somewhat conciliatory, especially after earlier rhetoric from a senior Iranian security official who warned U.S. President Trump that Iran “will not relent until making you sorry for this great miscalculation.”

Earlier in the day, Iran’s deputy finance minister also tried to temper market fears, stating that Iran is not laying mines in the Strait of Hormuz and has allowed some ships to continue crossing the waterway.

Oil prices remain elevated but have pulled back from the intraday highs as the latest comments helped ease some of the worst-case supply disruption fears.

• Crude oil high: $97.19

• Current price: $94.51

• Daily change: +7% (approx.)

Despite the pullback, crude remains sharply higher on the day as traders continue to price in geopolitical risk and the potential for disruptions to global oil supply if tensions escalate further.

This article was written by Greg Michalowski at investinglive.com.