Oil prices climbed above $100 as disruptions in the Strait of Hormuz continued despite a U.S.-Iran ceasefire, according to CNBC. The report said tanker traffic remains severely restricted, keeping global energy markets under pressure.
President Donald Trump warned Iran to stop imposing conditions on shipping, stating the situation threatens the ceasefire agreement. Analysts said the strait, which handles a significant share of global oil supply, remains effectively closed.
Oil prices hover around $100/bl as 22 tankers pass through Hormuz since ceasefire
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Shipping executives told CNBC that uncertainty and lack of clear transit protocols are deterring vessel movement. Some ships are using alternative coastal routes at higher costs.
Meanwhile, Iranian strikes on Saudi energy infrastructure have reduced oil production and pipeline flows, worsening supply constraints. The Saudi Press Agency reported cuts of hundreds of thousands of barrels per day.
Goldman Sachs analysts said markets may rely on reserves and alternative supply routes for weeks as disruptions persist and demand begins to soften.
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TIPP Staff
