Brent Nears $100 as Hormuz Traffic Grinds to a Halt
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Geopolitical risk premium is back in full force. ICE Brent has climbed to $94 per barrel as transits through the Strait of Hormuz remain stuck in single digits for a full week, choking the world's most critical oil chokepoint.
The catalyst is Washington's escalating pressure campaign, branded an 'Economic D-Day' against Iran, which has spooked shipping and pushed VLCC freight rates to extreme levels. Asian LNG has followed crude higher, trading near $24 per MMBtu.
With supply logistics tightening rather than easing, the path of least resistance for Brent stays upward unless a de-escalation signal emerges from either side of the standoff.