Hormuz Shipping Disruptions Intensify Oil Market Uncertainty

The Strait of Hormuz shipping disruptions have intensified, causing uncertainty around Middle East oil and LNG supply. The slowdown in traffic through the strait has increased the risk of supply disruptions for both US crude and Brent-associated supplies.

Weaker global demand forecasts are providing a bearish counterweight to geopolitical supply disruptions. Qatar's force majeure continues to impact LNG supply, forcing Asian buyers to seek replacement cargoes from alternative suppliers.

Natural gas prices have broken below the $2.68 support level, and WTI crude oil remains supported by its EMA cluster around $81. The Brent crude market is consolidating above $86.67 with resistance at $91.13.