Strait of Hormuz Uncertainty Keeps Oil Markets on Edge

Brent crude prices have stabilized above $100 a barrel as uncertainty surrounding the Strait of Hormuz persists. The strait, a critical route for global energy shipments, has been at the center of attention due to the ongoing US-Iran conflict.

Saudi Arabia's crude exports from its Red Sea terminals have shown significant recovery after an attack on a major pipeline earlier this month. However, Brent futures declined 2.6% on Tuesday to settle at $102.59 a barrel, while US WTI crude futures dropped about 3.5% to close at $89.38 a barrel.

The Strait of Hormuz remains a focus for oil markets as the US and Iran engage in diplomatic efforts to resolve their conflict. Iran had proposed reopening the waterway within seven days if certain conditions were accepted by the US, but President Donald Trump rejected the proposal.