The Strait of Hormuz, a vital channel for about 20% of global oil and gas shipments, has been closed by Iran in response to nine consecutive nights of US airstrikes. This action caused Brent crude prices to surge to $90.30 per barrel, intensifying volatility across oil markets.
Market activity reflects growing expectations for rising oil prices. Prediction markets indicate a 46% chance that WTI Crude Oil will hit $90 by the end of July 2026, a substantial increase from earlier in the month. The closure has raised concerns about supply disruptions, drawing close attention from the International Energy Agency and OPEC+.
The ongoing US-Iran tensions remain a key influence on energy market dynamics. Observers await announcements from Iran’s Ministry of Shipping on whether the Strait will reopen. Any prolonged blockade could exacerbate supply chain issues and push prices higher. OPEC+ production decisions are also under scrutiny for potential impacts on price trends.
This material is informational and does not constitute financial advice.
