Hormuz Deal Hinges on Details as Oil Prices Hold Near $100
Oil prices have remained near $100 a barrel as traders wait for details of an Iran-Oman deal to manage shipping through the Strait of Hormuz. The agreement aims to provide a temporary safe passage, but its implementation has raised questions about the US response following strikes on Iranian tankers over the weekend.
The renewed fighting between the US and Iran has heightened concerns about a deeper disruption to energy flows through the strategic waterway. Chinese refiners have increased their purchases, pushing up prices of crude from Africa, Canada, and Latin America.
Brent crude, the global benchmark, has gained 1.6% over the past two sessions, while West Texas Intermediate futures traded above $92 a barrel. The conflict began at the end of February, causing Brent to climb more than 30% since then.