Hormuz Crisis Prolongs Oil Price Volatility

The global oil market is adjusting to the possibility that disruption around the Strait of Hormuz may persist for months rather than end quickly.

Nearly six months into the US-Iran war, hopes for a diplomatic breakthrough have weakened, and the interim ceasefire has effectively collapsed.

Crude prices have settled around $90 a barrel after initially surging due to the conflict. However, prices remain roughly 50% higher than at the start of the year, suggesting that markets have moved beyond immediate panic without returning to normal conditions.