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Oil stays near five-month peak amid Strait tensions
Oil prices have risen significantly, with Brent crude approaching its highest level in five months at around $110 per barrel, amid escalating tensions in the Gulf and the threat of Iran launching new attacks in the Strait of Hormuz. The price increase occurs despite strong oil flows from the region, as Iranian officials indicate that Iran will take control of the Hormuz Passage to safeguard its security, while U.S. oil supplies have recovered to about 80% of pre-war levels. The risk of military escalation and maritime piracy remains high, with expectations of higher prices in the future.
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