Hormuz Tensions Keep Brent Crude Oil Prices Above $91

Brent crude oil prices remain steady at around $91 per barrel as tensions in the Strait of Hormuz continue to weigh on the market.

The uncertainty surrounding the key shipping route has persisted, with the US and Iran showing little sign of reaching an agreement over control. President Donald Trump stated that Washington is not holding or planning talks with Tehran, while confirming the ongoing naval blockade.

Despite claims that the Strait of Hormuz is open and mines have been cleared, shipping risks persist. A recent incident saw a vessel attacked while leaving the strait, suffering engine-room damage and a crew casualty, according to UK maritime authorities.

Gulf producers are finding alternative ways to maintain exports despite the disruption. Saudi Arabia has begun offering crude cargoes sourced from outside the chokepoint, suggesting it may be adopting measures similar to those taken by the United Arab Emirates to move oil through or around the affected area.