Oil prices have remained below the $80 mark despite lingering uncertainty over the Strait of Hormuz, easing fears of a major energy supply shock following weeks of heightened tensions in the Middle East.
Brent Crude was trading at $78.86 per barrel, while West Texas Intermediate stood at $75.93. Murban Crude was trading at $71.81 per barrel.
The relative stability in global oil markets comes as shipping activity through the Strait of Hormuz gradually resumes after disruptions caused by tensions between Iran and the United States.
The Strait of Hormuz is one of the world’s most strategic maritime routes, handling nearly a fifth of global oil supplies. Any disruption to traffic through the narrow waterway often triggers sharp increases in oil prices and raises concerns over fuel costs worldwide.
While some vessels have reportedly resumed transit through the passage, analysts caution that traffic remains below normal levels due to ongoing security concerns and logistical challenges. They say markets are closely monitoring developments amid uncertainty over how quickly shipping operations can fully normalise.
Meanwhile, natural gas prices edged higher by 0.37 percent to $3.251, reflecting continued volatility across global energy markets.
Analysts say oil prices are likely to remain sensitive to developments in the Strait of Hormuz, with any renewed disruptions capable of triggering fresh price increases in the weeks ahead.
By Rachel Mumba
