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Commodities

Oil Prices Flat Amid US-Iran Tensions and Strait of Hormuz Uncertainty

Guavy AI Editorial Team
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Oil
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Crude oil prices held steady near US$85 a barrel on Tuesday, following a decline of over 2% in the previous session.

The prices remain uncertain due to intensifying US economic pressure on Iran and its trading partners, which has heightened concerns over the reopening of the strategically vital Strait of Hormuz.

US Treasury Secretary Scott Bessent announced plans to target countries that continue doing business with Tehran, while President Donald Trump stated that those countries will be given a specific deadline to sever their economic ties with Iran or face unilateral US penalties.

The Strait of Hormuz remains a major concern for energy markets due to its importance in global oil shipments, and any prolonged disruption could tighten supplies and push prices higher.

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