Crude Nears $100 as Hormuz Standoff Enters Seventh Month
Created on
Last updated
Seven months into the U.S.-Iran conflict, oil markets remain gripped by the Strait of Hormuz disruption. Prices are closing in on $100 per barrel as shipping traffic stays impaired and dark transits substitute for normal flows.
Other Gulf producers have clawed back output to roughly two-thirds of pre-war volumes, but that hasn't been enough to calm traders. Hedge funds have flipped bullish on U.S. fuels specifically, betting supply squeezes deepen rather than ease.
Washington's parallel sanctions campaign against Iran, including action on a Turkish bank accused of moving Tehran's oil revenue, signals no near-term resolution, keeping a geopolitical premium baked into crude.