Oil steady near five-month peak

Crude oil prices for Brent have experienced fluctuations near their highest levels in five months, as the risk of increased Iranian attacks on the Strait of Hormuz balances with the continued robust oil flows from the Persian Gulf. Despite the military escalation, oil exports from the Gulf have remained rapid, with Iraq surpassing 3.4 million barrels per day. The tensions have led to an 80% rise in oil prices this year. Iran has emphasized its desire to control the Strait of Hormuz to safeguard its security, while geopolitical risks remain high. Prices remain vulnerable to further increases as attacks on infrastructure and oil tankers continue.

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