Oil Prices Steady Amid Hormuz Recovery and Rising Vessel Attacks

Oil prices remained relatively stable as crude shipments through the Strait of Hormuz showed signs of recovery, despite a rise in attacks on vessels by Iran. West Texas Intermediate (WTI) crude oil traded below $90 per barrel, while Brent crude closed near $101 per barrel the previous day.

Increased crude flows through the Strait of Hormuz have helped alleviate some concerns about supply disruptions. However, the UK Maritime Trade Operations reported at least nine vessel attacks in the strait this month, nearly half of the total attacks recorded last month in the Strait of Hormuz and the Persian Gulf.

Oil prices have surged this year due to the ongoing war between the U.S. and Iran, which has disrupted Middle East energy supply chains. Executives like Shell CEO Wael Sawan have warned that the industry's capacity to absorb supply shocks is diminishing as global crude inventories decline and petroleum products like diesel remain costly.

The U.S. government is exploring measures to address high energy prices, with President Donald Trump considering a temporary suspension of the federal gasoline tax. Additionally, the administration has relaxed regulations to allow truck drivers to use diesel typically reserved for agricultural equipment. Falling U.S. crude inventories, estimated to have dropped by 2.1 million barrels last week, further supported oil prices.

Markets are closely monitoring the official U.S. government oil inventory data, along with crude flows through the Strait of Hormuz and trends in vessel attacks.