Oil Prices Slump Amid Strait of Hormuz Tensions and US-Iran Escalation

Crude oil prices slipped below $83 per barrel on Thursday after a five-day advance, as investors assessed the potential impact of any deal to reopen the Strait of Hormuz.

The US has asserted 'total control' over the waterway amid escalating rhetoric between Washington and Tehran, but negotiations remain deadlocked.

The Trump administration is considering imposing greater economic pressure on Iran through expanding sanctions and enforcing a naval blockade aimed at curbing Iranian oil exports.

According to the IEA's monthly report, the global oil market faces a shortfall of 1.8 million barrels per day this quarter due to the ongoing conflict in the Middle East.