Hormuz Tensions Lift Oil Prices as Supply Concerns Persist

Oil prices remain elevated due to tensions in the Strait of Hormuz, with Brent settling at USD88.91 and WTI at USD83.20.

Iran has reaffirmed that the strait will remain closed until its conditions are met, keeping supply concerns high and potentially adding pressure on US inflation.

European diesel prices surged due to refining disruptions, exacerbating already-tight energy markets.

Commerzbank analysts Charlie Lay and Dr. Henry Hao noted that Brent and WTI crude prices strengthened as traders reassessed the chances of an agreement to restore traffic through the Strait of Hormuz.