Oil Prices Steady Around $90 Amid Strait of Hormuz Tensions

Oil prices remain steady around $90 per barrel as shipments through the Strait of Hormuz continue to be restricted. The Strait is a critical chokepoint for almost 20% of global energy supply, and ongoing conflicts in the Middle East have limited oil supplies. According to data from Kpler, only four commodity vessels transited the Strait on Tuesday, down from 10 on Monday and below the 10-day average of around 13.

The US launched fresh airstrikes on Iranian military targets this week, aiming to neutralize them before planting mines around the strategic waterway. Iran retaliated by attacking US bases in Jordan and warned of further military aggression. However, US President Donald Trump indicated that the renewed attacks between both nations won't last 'too long.'

WTI futures on NYMEX are trading at $88.86, with a bullish near-term bias intact due to its position above the 20-period Exponential Moving Average (EMA) at $84.25.