Oil Holds $90 as Iran War Fuels $330B Import Bill Surge

ICE Brent remains anchored around $90 per barrel despite Washington unveiling what it calls the 'toughest sanctions in history' against Iran. Markets have largely priced in the ongoing conflict, with Qatari and Pakistani mediation efforts so far failing to de-escalate tensions after Trump rejected extending the June memorandum of understanding.

New data from the Centre for Research on Energy and Clean Air shows the six-month conflict has added roughly $330 billion to the world's combined oil and gas import bill since March. That figure remains smaller than initial worst-case forecasts, but analysts warn it could climb further if Strait of Hormuz transit disruptions intensify.

For traders, the muted price reaction despite escalating sanctions suggests markets are watching physical flow risks—particularly around Hormuz—more closely than headline sanction announcements.