Brent Edges Toward $100 as Hormuz Flows Remain Constrained

Oil prices rose on Monday after renewed US-Iran tensions pushed supply risks back to the forefront of the market. Brent crude traded around $97 a barrel in Asian hours, while West Texas Intermediate held above $92.

The move followed US strikes on three Iranian oil tankers over the weekend, after Iran launched ballistic missiles towards two US Navy warships. Tehran then said it would establish a new restricted zone outside the Strait of Hormuz, adding another layer of uncertainty around one of the world's most important energy corridors.

Kpler data showed an average of about 10 commodity vessels per day crossed the strait over the past 10 days, the lowest level since May. Just two vessels transited on Saturday and six on Sunday.

Even without a complete closure, slower traffic, higher insurance costs, and disrupted loading schedules can tighten the physical market and keep a geopolitical premium embedded in Brent and WTI.