Hormuz Tensions Keep Oil Prices Elevated Amid Supply Concerns

Oil prices have remained elevated due to ongoing tensions between Iran and the United States. The Strait of Hormuz, a critical chokepoint for global oil supply, is at the center of these concerns.

The report from Bloomberg Markets suggests that Brent crude futures hovered around $91.44, $91.60 per barrel on August 19, while WTI futures were approximately $84.40 per barrel. These prices indicate a relatively low probability of crude oil reaching a new all-time high by September 30.

However, market pricing does suggest a higher likelihood of crude oil reaching a new all-time high by December 31, with a 13.5% YES probability. This implies that participants see potential catalysts in the later months of the year.