Hormuz Tensions Boost Oil Prices
Currently, oil prices are hovering around $92 per barrel after rising for four consecutive sessions, supported by increasing uncertainty regarding crude flows through the Strait of Hormuz due to conflicting statements between Washington and Tehran. While U.S. President Donald Trump has affirmed that the strait is open to ships, Iran continues to insist on closing the passage, with market concerns persisting over the escalating risks associated with navigation in the region. Additionally, Iraq is relying on alternative export routes in an effort to reduce dependence on the strait. Meanwhile, US stock data indicates a decline in oil inventories, reflecting ongoing tensions and their impact on global oil markets.
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