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Oil nears $90 amid Hormuz tensions
Oil prices have surged significantly, approaching $90 per barrel, due to escalating tensions in the Gulf region and disruptions in navigation through the Strait of Hormuz. Ship movements have sharply declined, and tankers have been targeted in attacks, reviving fears of a disruption to global oil supplies. At the same time, the market is balanced between supportive factors for rising prices—such as increased risks and decreased shipping activity—and factors threatening an increase, including rising inventories and slowing demand, amid OPEC+ countries' decision to boost production. It is expected that tensions will continue to push prices higher, especially if supply disruptions persist for an extended period, potentially pushing prices to $120 in an escalation scenario.
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