Brent Crude Jumps Despite Record Oil Flow Through Hormuz

The price of Brent crude has risen to $96.20 per barrel after breaking $97 earlier in the session, despite concerns over the ongoing conflict between Iran and the United States.

The market has been volatile, with Brent swinging between small gains and losses near $95 before the U.S. session pushed it higher on fresh escalation out of the Gulf.

Kuwait's armed forces said Thursday that the country faces ongoing Iranian aggression as its air defenses engaged missiles and drones, adding to tensions in the region.

The thesis running through this forecast is that the crude market has stopped pricing barrels and started pricing the plumbing that moves them, with 17 million barrels a day passing through Hormuz on Monday - a wartime record.