Hormuz Disruptions Push Oil Prices Near $90 Amid Prolonged Conflict

Oil prices have remained steady near $90 per barrel due to ongoing disruptions in energy supplies from the Middle East, particularly through the Strait of Hormuz.

The conflict between the US and Iran has seen a decline in diplomatic efforts, with tensions escalating in recent weeks.

Market participants are now factoring in a prolonged scenario of restricted oil tanker traffic through the strait, leading to higher logistics costs and opaque commodity flows.

The shift in expectations is evident in current oil prices being roughly 50% higher than at the beginning of this year.