Oil prices are once again approaching the $100 mark, reversing much of the sharp decline seen earlier in the week. On Wednesday, Brent crude briefly fell to around $91, but by midday trading the following day, prices had rebounded to above $98.50, underscoring the market’s ongoing sensitivity to geopolitical developments.
The renewed upward pressure comes amid conflicting signals surrounding the status of the Strait of Hormuz, a critical artery for global oil shipments. Iranian officials have publicly maintained that the waterway remains open to commercial traffic. Saeed Khatibzadeh, Iran’s deputy foreign minister, stated that while the strait is operational, “technical restraints” are affecting transit speeds. He emphasized that vessels are required to coordinate with Iranian military authorities to ensure safe passage through the narrow corridor.
Despite these assurances, on-the-ground shipping activity suggests a more cautious reality. Several oil tankers reportedly slowed, halted, or reversed course on Thursday, indicating that market participants remain wary of potential disruptions. Data cited by industry sources shows that at least two Chinese-flagged tankers carrying crude from Iraq and Saudi Arabia approached the strait before anchoring rather than proceeding.
The mixed messaging has added to market uncertainty. Earlier reports from Iranian media suggesting a renewed closure of the strait were dismissed by U.S. officials as inaccurate. However, the divergence between official statements and observable shipping behavior continues to fuel volatility in oil markets, keeping traders on edge as prices edge closer to triple digits once again.
