Hormuz Tensions Keep Oil Prices Above $90 Amid US-Iran Standoff
Oil prices fell on Monday as investors took profits after two strong weeks, but the decline did little to remove the supply premium created by the US-Iran standoff and restricted shipping through the Strait of Hormuz.
Brent crude futures dropped about 1.3% to $93.16 a barrel in Asian trading, while WTI fell 1.6% to $85.70.
The market is still supply-tight, with only four commodity vessels crossing the Strait of Hormuz on Sunday and 13 on Saturday, according to Kpler data.
Iranian crude offers to Chinese refiners have already fallen sharply, from an average of 1.4 million barrels a day in 2025 to about 534,000 barrels a day in August.
The lack of progress between Washington and Tehran, combined with persistent security problems around the strait, continues to support Brent at above $90 even as traders periodically take profits.