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Oil rises as hopes fade for Strait of Hormuz reopening
Brent traded above $91.85 a barrel at its highest level in more than three weeks after the expired U.S.-Iran truce was not renewed and shipping disruptions persisted.
Brent crude briefly rose above $91.85 per barrel, its highest level in more than three weeks, as hopes for a rapid reopening of the Strait of Hormuz faded, according to an oil market note cited by FXStreet.
FXStreet reports that President Trump said he will not seek to revive the expired U.S.-Iran truce, leaving the status of the vital shipping route unresolved. Washington is demanding unrestricted passage through the strait, while Iran says traffic should be managed jointly with Oman.
FXStreet also pointed to continued shipping disruptions and fresh attacks near the strait that reinforced supply concerns. The unresolved standoff leaves oil exposed to renewed escalation and prolonged disruption, supporting Brent, WTI, and Middle Eastern benchmarks.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%