Oil: Hormuz conflict keeps prices elevated – BNY
Geoff Yu at BNY notes Brent crude briefly rose above $91.85 per barrel, its highest in over three weeks, as hopes for a rapid reopening of the Strait of Hormuz faded.
BNY analyst Geoff Yu reported that oil prices briefly spiked above $91.85 per barrel, surpassing a three-week high, due to dwindling hopes for the swift reopening of the Strait of Hormuz. The conflict between the U.S. and Iran, coupled with ongoing shipping disruptions, has left oil markets vulnerable to renewed tension and prolonged supply worries.
President Trump's decision to not revive the U.S.–Iran truce, coupled with Washington's insistence on unrestricted passage through the strait and Iran's demand for joint management with Oman, has left the situation unresolved. The conflict remains a significant source of supply risk for oil, contributing to higher crude prices and inflation concerns.
Despite President Trump claiming that U.S. leverage over Iran is still strong and that back channels are open, Tehran has dismissed these claims. The ongoing Middle East tensions continue to push oil prices higher, adding to inflation risks in markets that are already stretched.
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